U.S. presidential candidate Donald Trump is the prevailing favorite of voters who own cryptocurrencies, according to a poll commissioned by crypto investment firm Paradigm and released on Thursday.
U.S. President Again Proposes Crypto Mining Tax, ‘Wash Sale Rule’ for Digital Assets in New Budget
The U.S. president’s budget proposal for 2025 suggests the administration can reduce the national deficit by nearly $10 billion just by “modernizing rules” that include cryptocurrencies.
Even the Pope has something to say about artificial intelligence
The explosion of artificial intelligence this year hasn’t escaped the Vatican, with Pope Francis warning of its dangers in a hefty 3,400-word letter ahead of the World Day of Peace on Jan. 1.
Sam Altman’s ouster shows Biden isn’t handling AI properly
What happened with Sam Altman behind the scenes? Neither OpenAI nor Microsoft have provided all the answers. The industry deserves more congressional scrutiny.
Crypto community reacts to Biden’s proposed crypto tax reporting rules
Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States.
Pentagon forms ‘Task Force Lima’ to map generative AI for US defense
Task Force Lima will look into how artificial intelligence can be used across the U.S. defense, including warfighting capabilities.
Biden strikes ‘tenative’ U.S. debt ceiling deal: Report
According to a source familiar with the negioation there “might be one or two small things they need to finish.”
Bitcoin miner Marathon Digital hit with another SEC subpoena
The first subpoena was given to Marathon in the third quarter of 2021, concerning whether it may have violated federal securities laws relating to its data center in Hardin.
Will Biden’s plan to tax crypto mining reduce emissions? Critics say no
The tax is intended to reduce greenhouse gas emissions, electricity costs and local environmental pollution, but has not been kindly received by the crypto community.
Biden Administration Proposes 30% Tax On Crypto Mining To Counter Environmental Impact
Several US authorities have raised concerns regarding the environmental impact of crypto mining. Previously, US lawmakers probed the crypto mining energy use and environmental impact.
Biden’s administration is taking these concerns to another level. Biden’s Council of Economic Advisers (CEA) announced a 30% digital asset mining tax to offset its environmental impact. The new tax rule tagged DAME will take effect after a phase-in period.
Bitcoin Energy Consumption Attracts New Tax Rules
Crypto mining electricity consumption and carbon emission have been a bone of contention in the United States over the past years. A recently published New York Times article claimed Bitcoin has a voracious appetite for electricity, sparking several reactions among crypto community members.
Related Reading: Bitcoin Analysis: How To Prepare For Today’s FOMC Meeting
The CEA announced plans to impose a 30% tax on all crypto-mining activities. The council believes the crypto mining industry’s operations negatively impact the environment and is ready to counter them.
The proposed tax, tagged Digital Asset Mining Energy (DAME), aims to make crypto mining firms take responsibility for their environmental impact. According to the CEA’s announcement, the new tax rules will have a phased-in period before taking its course.
Under the new tax guidelines, all mining firms in the US would pay taxes on 30% of their total electricity usage. The CEA feels crypto miners must take responsibility for the environmental pollution they impose on the local community from the increased greenhouse gas emissions.
Also, the CEA believes the crypto firms aren’t fully paying the cost of these pollutions, considering their energy consumption rate. The council cited the recently published New York Times (NYT) article, which criticized the digital asset industry for the environmental impact of its mining operations.
Crypto Community Reacts To New Bitcoin Mining Tax
The proposed DAME tax sparked reactions among members of the crypto community. Many tagged the tax as unfair, criticizing the government for the high tax without incentivizing clean energy usage.
Pierre Rochard, Riot Platforms’ VP of Research, who previously criticized the NYT’s article, condemned the DAME tax.
According to Rochards, the White House targets Bitcoin at the wrong time. To Rochard, the US government should instead focus on the failing banking system.
Featured Image/Pexels, chart/ TradingView
Coinbase exec uses ChatGPT ‘jailbreak’ to get odds on wild crypto scenarios
According to ChatGPT, there’s a 15% chance that Bitcoin will “fade to irrelevancy,” with prices falling 99.99% by 2035.
Biden’s comms director barred from former crypto clients: Report
Decentralized exchange UniSwap and venture capital firm Andressen Horowitz were revealed as former clients of LaBolt in a recently published public financial disclosure report.
The Biden Administration Is Politicizing Crypto
With crypto exchange Coinbase (COIN) last week receiving a Wells Notice signaling impending action from the SEC, and with the CFTC this week suing Binance, another crypto exchange, it feels like the crypto industry is at war with the U.S. government. This could get bad.
White House Takes Aim at Crypto in Scathing Economic Report
The report, authored by the White House Council of Economic Advisers, laid out a number of issues seen within the digital asset ecosystem.
US Fed faces internal probe over Silicon Valley Bank failure
Federal Reserve chair Jerome Powell said a “careful and thoughtful” review is needed to understand how the bank collapsed under its watch.
Biden vows to hold those responsible for SVB, Signature collapse
US President Joe Biden on Twitter said he is “firmly committed” to holding those responsible for the Silicon Valley Bank and Signature Bank collapse “fully accountable.”
U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms
A provision in the department’s “Greenbook,” its list of tax proposals and explanations for U.S. President Joe Biden’s budget proposal, would create a phased-in excise tax based on the costs of the electricity used in crypto mining, imposed on the companies “using computing resources” to mine cryptocurrencies.
Biden Budget Plan Would Close Crypto Tax Loss Harvesting Loophole
U.S. President Joe Biden’s proposed budget will include a provision to close tax loss harvesting on crypto transactions.
Biden to Name Fed Vice Chairwoman Lael Brainard as Top Economic Adviser: Bloomberg
Brainard has been leading the U.S Federal Reserve’s work on a potential digital dollar and has been minding the store on crypto policy discussions until the central bank appoints its permanent vice chair for supervision.
Rep. Cawthorn fined for ethics breach over Let’s Go Brandon token promo
The Ethics Committee couldn’t agree if the Representative sought to profit from his promotions but he was fined for it regardless and for also not declaring a “gift” of the token.