Cryptocurrency

Biden

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">On the afternoon of May 2nd, the White House published <a href="https://www.whitehouse.gov/cea/written-materials/2023/05/02/cost-of-cryptomining-dame-tax/" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">a blog post</a> titled “Making Cryptominers Pay for Costs They Impose on OthersFederal Open Market Committee”. The text details the Biden administration’s “DAME” tax which is seeking to punitively burden cryptocurrency miners for allegedly having a severe negative impact on the environment, and, more broadly, people’s quality of life.</p> 
<h3 id="biden-administration-pushes-for-punitive-dame-tax-for-cryptocurrency-miners">Biden Administration Pushes for Punitive DAME Tax For Cryptocurrency Miners</h3> 
<p>This Tuesday, the White House outlined the reasoning behind its proposed Digital Asset Mining Energy (DAME) excise tax. The tax would target cryptocurrency miners for what the Biden administration considers to be highly detrimental effects their activities have on the environment and people’s quality of life.</p> 
<p>The text published by the White House highlights several key areas of interest but highlights the alleged disproportionate impact on the environment cryptocurrency mining has. The Biden administration states that the miners’ impact is high even when using clean energy as their electricity consumption “reduces the amount of clean power available for other uses, raising prices and increasing overall reliance on dirtier sources of electricity.”</p> 
<p>The Biden administration also states that, along with the adverse effects cryptocurrency mining allegedly has, it does not generate the benefits other businesses with similar rates of energy consumption offer. The White House also arguably dismisses the danger of digital assets operations moving abroad citing other major economies, like China, that have also imposed restrictions.</p> 
<p>The text concludes that while the DAME tax is not a cure-all, it represents a key part of the administration’s effort to curb the damage caused by climate change and tackle increasing energy prices affecting Americans. The White House estimates that the tax would raise $3.5 billion over the course of a decade.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="is-the-white-house-trying-to-kill-digital-assets-in-america">Is The White House Trying to Kill Digital Assets in America?</h3> 
<p>The White House introduced its first-ever <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">cryptocurrency-focused framework</a> only in late 2022 and has, since then, taken on a decidedly hawkish rhetoric toward the industry. Notably, its roadmap published in January proved highly critical of Congressional tardiness when it comes to legislation aimed at governing digital assets, and <a href="https://tokenist.com/white-house-commends-regulators-crypto-efforts-asks-congress-to-do-more/" rel="dofollow" class="deco-link">highly positive toward regulators’ actions</a> with regard to the sector.&nbsp;</p> 
<p>The endorsement of the actions of watchdogs like the SEC came at a pivotal moment as the Commission has become increasingly aggressive toward the industry targeting even well-regarded <a href="https://tokenist.com/coinbase-still-willing-to-work-with-sec-but-will-defend-itself-vigorously/" rel="dofollow" class="deco-link">companies like Coinbase</a>. The enforcement has recently brought an exodus of various digital assets companies from the US which are, almost universally, citing regulatory uncertainty as the cause for their departure.&nbsp;</p> 
<p>State governments, on the other hand, vary widely in their approach. Several have already passed laws aimed at protecting cryptocurrency miners from discrimination—the <a href="https://tokenist.com/arkansas-joins-multi-state-drive-to-protect-btc-miners-with-a-new-bill/" rel="dofollow" class="deco-link">latest being Arkansas</a>. Wyoming has also taken a more dovish stance and passed a bill that guarantees the secrecy of individuals’ private keys. Other states have, however, sought to restrict cryptocurrency-related activity and a recent bill targeting miners in taxes was faced by <a href="https://texasblockchaincouncil.org/dontmesswithtexasinnovation" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">organized opposition by multiple advocacy groups</a>.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you agree with the White House that cryptocurrency miners are offering few benefits compared to the costs they incur? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/white-house-wants-harsh-taxes-for-crypto-miners-cites-environmental-damage/">White House Wants Harsh Taxes For Crypto Miners, Cites Environmental Damage</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

White House Wants Harsh Taxes For Crypto Miners, Cites Environmental Damage

목차

TokenInsight

2023년 5월 2일에 게재된 다른 기사

BTC and ETH Struggle in a Bear Market as Hello Rallies Ahead of New Features

Inflation-plagued Argentina and Turks seek refuge in crypto

Digital Asset ETFs Record Second Consecutive Week of Net Outflows

How to Achieve the Best Consensus and Optimization For Your Decentralized Project

Samsung bans ChatGPT, will other companies follow suit?

📢 MetaverseKombat Announcement: Contract Audit and Strategic Partnership with ContractWolf 🐺

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!