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US Negotiators Leave 30% Tax on Crypto Mining Out of Agreement to Increase Debt Limit

ByLouis Adams

May 30, 2023 #mining, #US
Reading time: < 1 minute

Republican Warren Davidson from Ohio in the US House of Representatives labeled the decision to exclude the Digital Asset Mining Energy (DAME) excise tax proposed by the CEA in early May from the bill to raise the national debt limit, agreed by US President Joe Biden and Speaker of the House of Representatives Kevin McCarthy, as a victory.

The CEA proposed the tax as a measure to minimize the impact on climate change, and suggested levels of 10%, 20%, and 30% phased in within three years; it was expected to bring in $3.5 billion in revenue over a ten-year period.

A report by the CEA submitted in March, however, stated that digital assets do not meet their intended use cases and are a risk to investors and financial stability.