The Biden administration has proposed a 30% tax on Bitcoin mining, a move that has been met with backlash from the cryptocurrency community. Critics argue that the tax is unfair and will stifle innovation in the industry.
Senator Cynthia Lummis, a Republican from Wyoming who is a vocal supporter of Bitcoin, has said that she will not support the tax. “A 30% tax hike on any specific industry is a blatant attempt by the administration to pick winners and losers,” she tweeted.
Other critics of the tax include United States presidential candidate Robert F. Kennedy Jr., who has called it a “bad idea.” Kennedy has chosen to align himself with the Bitcoin community in public statements.
The Biden administration has defended the tax, arguing that it is necessary to raise revenue and to ensure that Bitcoin mining is subject to the same tax rules as other industries. However, critics argue that the tax is unnecessary and will only serve to hurt the cryptocurrency industry.
The debate over the Bitcoin mining tax is likely to continue in the coming months. It remains to be seen whether the Biden administration will be able to pass the tax, or whether it will be defeated by opposition from Congress and the cryptocurrency community.