Cynthia Lummis Criticizes Biden-Proposed Bitcoin Mining Tax As 'Blatant Attempt' To Pick 'Winners And Losers'
Portfolio Pulse from Mehab Qureshi
Senator Cynthia Lummis opposes President Biden's proposed 30% excise tax on Bitcoin miners, calling it a 'blatant attempt' to pick winners and losers. She argues that the tax would harm the cryptocurrency industry and emphasizes the need for a regulatory environment that fosters innovation.
May 26, 2023 | 5:16 am
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NEUTRAL IMPACT
Senator Lummis' opposition to the proposed 30% excise tax on Bitcoin miners could influence the regulatory environment and impact Bitcoin's price.
Senator Lummis' opposition to the proposed tax could sway the regulatory environment in favor of the cryptocurrency industry. However, it is uncertain how much influence her stance will have on the final decision. If the tax is implemented, it could negatively impact Bitcoin mining in the US, potentially affecting Bitcoin's price. If the tax is not implemented, it could foster a more favorable environment for the industry, possibly leading to a positive impact on Bitcoin's price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80