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Author: Admin | 2025-04-28
Key TakeawaysSenator Lummis recently opposed President Biden’s crypto mining tax.She criticized it for singling out the crypto industry as compared to other sectors.Senator Lummis emphasizes the strategic need to foster domestic Bitcoin mining for national security and advocates for energy-efficient and renewable practices within the industry.In March, US President Biden once again proposed the Digital Asset Mining Energy (DAME) excise tax as part of the 2025 federal budget to mitigate the economic and environmental impacts of cryptocurrency mining. To address emissions, the proposal calls for a 30 percent tax on the electricity costs of cryptocurrency mining. Critics argue that this policy unfairly targets a single industry for its energy consumption, which is comparable to that of many other industries and technologies, potentially setting a harmful precedent.Lummis’ Stand Against the DAME TaxExpected to raise about $3.5 billion over ten years, the DAME tax targets the crypto mining industry’s substantial energy use and environmental impact, primarily to combat climate change.On July 23, Senator Cynthia Lummis strongly criticized the Biden Administration’s proposal to impose a 30% tax on electricity used by Bitcoin miners, flatly rejecting the idea. According to a Treasury document , the proposed tax phase-in was scheduled to last three years, starting at 10% and increasing by ten percentage points each subsequent year.Speaking at Bitcoin Miami last week with Perianne Boring, the founder and CEO of the Chamber of Digital Commerce, Lummis asserted : “That isn’t going to happen. A 30% tax hike on any specific industry is a blatant attempt by the administration to pick winners and losers. I will not let President Biden tax the digital asset industry out of existence.”The Wyoming Republican later emphasized her stance on Twitter, responding to reports about her comments at the conference. The Biden administration’s dangerous scheme to tax #Bitcoin miners is a
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