- The Biden administration eliminated the controversial DAME excise tax from its debt ceiling invoice.
- Excise tax DAME has proposed a 30% tax on power prices incurred by crypto miners in the USA
- US Congressman Warren Davidson has confirmed that the proposed tax on crypto miners has been blocked.
In a serious victory for crypto miners in the USA, the Biden administration determined to not embrace the controversial Digital Asset Mining Power (DAME) excise tax in its newest debt cap invoice. That is excellent news for crypto mining firms in addition to your entire crypto business working in the USA.
US Congressman Warren Davidson took to Twitter earlier right this moment to share the textual content of the Home of Representatives debt restrict invoice. The 99-page doc lists numerous reforms and exemptions geared toward easing the present debt ceiling disaster in the USA, which included a discretionary spending restrict of greater than $1.6 trillion for fiscal years 2026 by 2029.
Pierre Rochard, vp of analysis at US bitcoin mining big Riot Blockchain, responded to Congressman Davidson’s tweet by mentioning that there was no point out of bitcoin mining or mining tax. DAME excise proposed within the textual content of the invoice. The congressman confirmed that the controversial DAME excise tax has been blocked by the administration.
The most recent improvement is nice information for stakeholders within the crypto mining business. The DAME excise tax, which was unveiled by the Biden administration on Could 2, 2023, proposed a 30% tax on power prices incurred by crypto mining companies within the nation. The proposal drew widespread criticism from the crypto neighborhood in addition to US lawmakers.
2024 presidential candidate Robert Kennedy Jr. was one of many first politicians to talk out towards 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 business,” Senator Lummis stated on the time.
