The Biden administration’s proposal to impose a 30% tax on Bitcoin mining has faced backlash from the cryptocurrency community. Critics argue that the tax is too high 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 proposal. “A 30% tax hike on any specific industry is a blatant attempt by the administration to pick winners and losers,” she said in a tweet.
Other critics of the proposal include United States presidential candidate Robert F. Kennedy Jr., who has called it a “bad idea.” Kennedy has aligned himself with the Bitcoin community in public statements, and he has said that the tax would make it more difficult for people to use Bitcoin to support causes they care about.
The Biden administration has defended the proposal, saying that it is necessary to raise revenue and to ensure that cryptocurrency is taxed fairly. However, it is unclear whether the proposal will be able to pass Congress.
The debate over the Biden administration’s crypto tax proposal is likely to continue in the coming weeks and months. The outcome of the debate could have a significant impact on the future of the cryptocurrency industry in the United States.
