White House Pushes for Punitive Tax on Crypto Mining

U.S. President Joe Biden is looking to impose a punitive tax on crypto mining operations for the “harms they impose on society,” the White House’s Council of Economic Advisers (CEA) argued Tuesday in an online post. The administration’s blog entry made the case for a U.S. tax equal to 30% of a mining firm’s energy costs – an unusual industry-specific penalty that could threaten the profits of such businesses. “Currently, cryptomining firms do not have to pay for the full cost they impose on ot

• 2023-05-03
• Joe Biden excise tax administration U.S. Treasury Department energy costs mining operations

It’s Not Just Fraud That Chilled Crypto Regulation

While it’s easy to blame the recent shift in the regulatory mood regarding crypto markets on certain bad actors, the real roots lie beyond the crypto ecosystem, says Noelle Acheson.

• 2023-03-14
• President Joe Biden White House executive order digital assets Consumer Financial Protection Bureau Federal Trade Commission crypto regulation Commodity Futures Trading Commission administration ecosystem