Digital Chamber CEO Fights Back on Biden’s Crypto Tax Plan

  • Sergey Maga
  • 13 March, 2024 14:12
Digital Chamber CEO Fights Back on Biden’s Crypto Tax Plan

In a decisive stance against a recent fiscal proposal, Chamber of Digital Commerce CEO Perianne Boring has publicly denounced the Biden administration’s plan to levy a 30% tax on crypto mining. Boring’s vehement opposition highlights the critical role of Bitcoin mining in advancing energy security and innovation within the United States. She articulates her concerns, emphasizing the tax as a politically motivated strategy that could potentially stifle the burgeoning digital asset industry’s growth and innovation. Boring vows to combat this proposal, underlining her commitment to preserving America’s competitive edge in the digital frontier, according to Coingape.

The controversy stems from the administration’s “Impose Digital Asset Mining Energy Excise Tax” section within its fiscal year 2025 revenue proposals, advocating for a phased introduction of a 30% tax on electricity consumed by digital asset mining operations. This move has sparked significant backlash from industry leaders who argue that such measures could deter innovation and undermine the U.S.‘s leadership in the global digital economy.

Adding to the discourse, Riot Platforms’ VP of Research, Pierre Rochard, criticizes the proposal, suggesting it could hinder the growth of Bitcoin and pave the way for a Central Bank Digital Currency (CBDC), even for those utilizing renewable energy sources. This collective industry response underscores the broader implications of the proposed tax, with stakeholders rallying to safeguard the future of digital asset innovation and energy security in America.  

Share to: