The proposed 30% tax on cryptocurrency mining by President Joe Biden’s administration was dubbed a “Bad Idea” by Robert F. Kennedy Jr., a candidate for president aspirant in the US 2024 elections.
Robert also said that it is a mistake for the US government to steer this new technology innovation away since he thinks cryptocurrencies, led by Bitcoin and its technologies, are a huge innovation engine.
The DAME Tax ensures that cryptocurrency miners, especially corporate mining businesses, “pay for the costs they impose on others,” according to a piece from the White House’s official website dated May 2, 2023. Robert Kennedy Jr. has said more about this development since this update sparked comments from the crypto community.
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Biden Administration Proposes 30% Taxation on Cryptocurrency Mining Operations
Joe Biden’s administration in the US had previously brought up energy issues and prices associated with crypto mining in the nation.
Whitehouse research claims that the electricity consumed in the industry in the United States in 2022 was comparable to the energy required to run all of the nation’s homes’ lighting systems or personal computers.
The US government alleges that energy-intensive crypto mining occurs without miners compensating for “the costs and impacts their activities impose on others.” The U.S. claims that this cost is felt in the form of increased energy costs and environmental damage.
In order to hold cryptocurrency mining companies responsible for their energy consumption, the US government suggested the Digital Asset Mining Energy (DAME) tax, which would require them to pay taxes equal to 30% of the electricity costs they incur when mining cryptocurrencies or other digital assets.
Robert Kennedy Joins Opposition Against Proposed Tax on Cryptocurrency Mining
In addition to the aforementioned, Robert Kennedy claimed that while energy use and related worries are somewhat exaggerated, Bitcoin mining uses almost as much energy as the video game business, despite the fact that “no one calls for a ban” on this industry.
According to Robert F. Kennedy Jr., the argument made for Bitcoin’s energy and environmental impacts is only a “Selective pretext to suppress anything that threatens elite power structures.”
The presidential candidate asserted that a diverse environment is a resilient ecosystem. And that if the US economy had additional structures, such as a broad ecology of currencies rather than just one that was centrally controlled, it would be more resilient.
Kennedy also made a connection between the fragility and current economic crisis and the drawbacks of a centralized government.
See Tweet Below:
Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea. 🧵
— Robert F. Kennedy Jr (@RobertKennedyJr) May 3, 2023