English
Arabic
Chinese (Simplified)
Indonesian
Russian
- The Biden administration has eliminated the controversial DAME excise tax from its debt ceiling invoice.
- The DAME excise tax proposed a 30% tax on vitality prices incurred by crypto miners within the U.S.
- U.S. Congressman Warren Davidson has confirmed that the proposed tax on crypto miners has been blocked.
In a serious victory for crypto miners in the US, the Biden administration has determined in opposition to together with the controversial Digital Asset Mining Vitality (DAME) excise tax in its newest debt ceiling invoice. This comes as excellent news for crypto mining corporations in addition to the broader crypto trade working within the U.S.
U.S. Congressman Warren Davidson took to Twitter earlier as we speak to share the Home of Representatives invoice textual content for the debt restrict. The 99-page doc listed numerous reforms and exemptions aimed toward easing the continuing debt ceiling disaster in the US, which included a discretionary spending restrict of over $1.6 trillion for fiscal years 2026 by means of 2029.
Pierre Rochard, the VP of Analysis at American Bitcoin mining big Riot Blockchain, responded to Congressman Davidson’s tweet by highlighting that there was no point out of bitcoin mining or the proposed DAME excise tax within the invoice textual content. The Congressman confirmed that the controversial DAME excise tax had been blocked by the administration.
The most recent growth got here as excellent news for stakeholders within the crypto-mining sector. The DAME excise tax, which was unveiled by the Biden Administration on Could 2, 2023, proposed a 30% tax on the vitality prices incurred by crypto mining corporations within the nation. The proposal attracted quite a lot of criticism from the crypto neighborhood in addition to U.S. lawmakers.
2024 Presidential candidate Robert Kennedy Jr. was one of many first politicians to talk out in opposition to the DAME excise tax. Final week, Senator Cynthia Lummis additionally opposed the Biden administration’s try to levy the 30% tax on crypto miners. “I can’t let President Biden tax the digital asset trade out of existence,” Senator Lummis acknowledged on the time.