Negotiations over the new debt deal squashed the Biden Administration’s plan to phase in a 30% tax on the electricity used in Bitcoin (BTC) and crypto mining.

Congressman Warren Davidson (R-Ohio), a vocal supporter of digital assets, says on Twitter that “one of the victories” of the negotiating process was blocking proposed taxes, including the crypto mining proposal.

The Biden Administration’s mining tax was included in a $6.8 trillion budget proposal released in early March.

After months of uncertainty, President Joe Biden announced over the weekend that he reached an agreement with Speaker of the House Kevin McCarthy (R-California) on a budget.

President Biden urged both chambers of Congress to pass the bipartisan agreement before June 5th, the day Treasury Secretary Janet Yellen said the government would run out of cash.

On Tuesday, the House Rules Committee passed the proposal by a vote of 7-6. The full House of Representatives plans to vote on the bill on Wednesday, and then it will go to the Senate, the Associated Press reports.

Yellen has previously warned that the US could plunge into an “economic calamity” if the government fails to reach an agreement before the country defaults.

At time of writing, the US is $31.8 trillion in debt.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Plans for 30% Tax on Bitcoin Mining Shut Down in New Debt Deal: Senator Warren Davidson appeared first on The Daily Hodl.

Negotiations over the new debt deal squashed the Biden Administration’s plan to phase in a 30% tax on the electricity used in Bitcoin (BTC) and crypto mining.

Congressman Warren Davidson (R-Ohio), a vocal supporter of digital assets, says on Twitter that “one of the victories” of the negotiating process was blocking proposed taxes, including the crypto mining proposal.

The Biden Administration’s mining tax was included in a $6.8 trillion budget proposal released in early March.

After months of uncertainty, President Joe Biden announced over the weekend that he reached an agreement with Speaker of the House Kevin McCarthy (R-California) on a budget.

President Biden urged both chambers of Congress to pass the bipartisan agreement before June 5th, the day Treasury Secretary Janet Yellen said the government would run out of cash.

On Tuesday, the House Rules Committee passed the proposal by a vote of 7-6. The full House of Representatives plans to vote on the bill on Wednesday, and then it will go to the Senate, the Associated Press reports.

Yellen has previously warned that the US could plunge into an “economic calamity” if the government fails to reach an agreement before the country defaults.

At time of writing, the US is $31.8 trillion in debt.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Plans for 30% Tax on Bitcoin Mining Shut Down in New Debt Deal: Senator Warren Davidson appeared first on The Daily Hodl.