Satoshi Action Fund CEO Dennis Porter is fighting for the heart and soul of Bitcoin mining in Washington DC and beyond to support friendly legislation. increase.
Porter, who first discovered Bitcoin (BTC) in 2017, told Cointelegraph that the road to advocating for the benefits of mining has seen legislators set their sights on legislation in at least six U.S. states. said he was going to His CEO of the Satoshi Action Fund met with U.S. Senators and Representatives on Jan. 25 to endorse a bill aimed at ending discrimination against miners.
According to Porter, the Lummis-Gillibrand Responsible Financial Innovation Act — a bill introduced in June 2022 aimed at addressing the role of the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission in regulating cryptocurrencies — includes: There are provisions addressing taxation of BTC mining rewards. He said the law could close loopholes and allow the Internal Revenue Service to take two apples at miners’ income.
“We believe Bitcoin mining is currently being unfairly targeted and double taxed by the IRS,” Porter said.
education #bitcoin pic.twitter.com/e8DnH1zEiW
— Dennis Porter (@Dennis_Porter_) January 26, 2023
Porter’s conversation with members of Congress, including Ron Wyden, Cynthia Lumis and Senators Ted Budd, marks the first time the Satoshi Action Fund has taken the national stage to defend BTC miners. bottom. However, the organization is also a supporter of bills being considered in New Hampshire, Montana, Mississippi, Missouri, and Oklahoma.
The U.S. cryptocurrency mining business has come under a lot of criticism among lawmakers and citizens alike, criticizing the energy consumption of proof-of-work cryptocurrencies like Bitcoin and the noise caused by the many machines running all the time. Complaining about pollution. In November, New York Governor Kathy Hochul signed into law his two-year moratorium on PoW mining.
Related: Bitcoin Mining Revenue Increases 50% to $23 Million in One Month
Porter added that Montana leaders are using zoning laws to try to keep miners out and are considering policies such as raising electricity prices. introduced bill aimed at protection Miner specific activity following a visit from the Satoshi Action Fund, Texas is home to many major blockchain companies following a crackdown in China.
“We will continue to push hard until the actual policy is passed,” Porter said.