The board includes the CEOs of Adobe, Alphabet, Anthropic, AMD, AWS, IBM, Microsoft and Nvidia, as well as other business, civil rights and academic leaders.
Texas Blockchain Council, Riot Platforms Sue Dept. of Energy, OMB Over ‘Emergency’ Survey
The Texas Blockchain Council (TBC) and Riot Platforms, one of the largest crypto miners in the state, sued the U.S. Department of Energy for trying to collect information from many of its members, including Riot.
AI-Related Tokens Stumble After White House Executive Order
Issued Monday, President Biden’s executive order is aimed at potential threats posed by artificial intelligence, but critics of the White House action wonder if innovation could be stifled.
Sen. Warren, 100+ legislators write White House, Treasury about crypto and terrorism
The letter was signed by crypto opponents and many lawmakers who had been neutral on crypto until now.
US House Democratic coalition creates AI working group
Representative Derek Kilmer will chair the Artificial Intelligence Working Group, which is aimed at introducing “sensible, bipartisan” policies for AI technology.
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 administration launches AI cybersecurity challenge to ‘protect Americans’
With an allocation of nearly $20 million in rewards, the AI Cyber Challenge brings together prominent AI enterprises such as Anthropic, Google, Microsoft and OpenAI.
A Long-Awaited Crypto Tax Rule Was Written Months Ago. Why Isn’t it Proposed?
Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn’t offering any straight answers about its holdup even as prominent lawmakers clamor for the Treasury Department to finish the job.
Two more crypto bills in the US: Law Decoded, July 17–24
Last week was marked by two new legislative initiatives for the crypto industry in the United States.
AI companies commit to safe and transparent AI, White House reports
The Biden Administration emphasized the responsibility of these companies in ensuring the safety of their products.
Robert F. Kennedy Jr. invested up to $250,000 in Bitcoin after Miami’s conference
The recent investment disclosure contrasts with his claims in May that he was not an investor in Bitcoin.
President Biden announces nominations for key positions at Federal Reserve
Leadership at the Fed will likely have an impact on how the U.S. government handles the potential issuance of a central bank digital currency.
Argentina says no to crypto payments, France tolerates ‘finfluencers’: Law Decoded, May 1–8
Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets.
White House to build international standards for DLT
The White House national strategy listed eight emerging technologies, focusing on building international standards and finding use cases in the economic sector.
US vice president gathers top tech CEOs to discuss dangers of AI
Vice President Harris gathered the heads of several AI development firms to discuss potential risks posed by the budding technology.
RFK Jr. Raises Crypto Taxes, Regulation as Issues in Opening Days of 2024 Presidential Race
Robert F. Kennedy Jr., the latest presidential candidate from one of the most famous U.S. political families, is introducing a number of crypto issues in his newly announced campaign to challenge Joe Biden.
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
White House advisors renew push for 30% digital mining energy tax
The May 2 blog post by the White House’s Council of Economic Advisers (CEA) has already attracted strong criticism from the community.
White House Pushes for Punitive Tax on Crypto Mining
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.