{"id":263437,"date":"2024-03-12T13:35:25","date_gmt":"2024-03-12T08:05:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=263437"},"modified":"2024-03-12T13:35:25","modified_gmt":"2024-03-12T08:05:25","slug":"riot-exec-explains-reality-behind-president-bidens-30-crypto-mining-tax-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/riot-exec-explains-reality-behind-president-bidens-30-crypto-mining-tax-crypto-news\/","title":{"rendered":"Riot Exec Explains Reality Behind President Biden’s 30% Crypto Mining Tax – Crypto News"},"content":{"rendered":"

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The crypto world is abuzz with debate as Pierre Rochard, VP of Research at Riot Platforms, sheds light on President Biden\u2019s proposed 30% tax on crypto mining electricity. Rochard\u2019s recent post challenges the Biden administration\u2019s rationale behind the tax, alleging it is a veiled attempt to suppress the burgeoning crypto market.<\/p>\n

So, let\u2019s look at Pierre Rochard\u2019s outlook over the recently proposed crypto mining tax by the Biden administration.<\/p>\n

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Riot Exec Slams Biden\u2019s Crypto Mining Tax Proposal<\/h2>\n

Riot Platforms\u2019 Rochard\u2019s critique of President Biden\u2019s once again proposed 30% tax<\/a> on crypto mining electricity sparks a deeper examination of the administration\u2019s fiscal strategy. The Biden government\u2019s budget proposal for the upcoming fiscal year aims to capitalize on the booming digital asset market, targeting regulatory measures to enhance revenue streams.<\/p>\n

Meanwhile, Pierre Rochard\u2019s recent remarks have ignited discussions surrounding President Biden\u2019s ambitious budget proposal, which reiterated a hefty 30% tax on electricity utilized by Bitcoin miners<\/a>. Rochard\u2019s analysis suggests a veiled agenda behind the tax, alleging that it\u2019s a covert attempt to stifle Bitcoin\u2019s growth and pave the way for a Central Bank Digital Currency (CBDC)<\/a>.<\/p>\n

Notably, according to Rochard, even miners utilizing renewable energy sources would not be exempt from this proposed tax, raising concerns about its fairness and underlying motives.<\/p>\n

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Meanwhile, the proposed tax forms a part of Biden\u2019s<\/a> broader regulatory agenda aimed at harnessing revenue from the booming digital asset market. The budget outlines various measures, including imposing wash trading rules, enhancing information reporting requirements, and introducing an excise tax on crypto mining.<\/p>\n

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With estimates projecting potential revenues of $10 billion by 2025 and over $42 billion over the next decade, the government sees substantial gains from these regulatory interventions.<\/p>\n

Also Read: FDIC Vice Chair Urges SEC To Define \u201cCrypto Assets\u201d For Regulatory Clarity<\/a><\/strong><\/p>\n

Budget Breakdown and Revenue Projections<\/h2>\n

A deeper dive into the proposal reveals intricate revenue-generating mechanisms, with measures targeting different aspects of crypto transactions. Integrating digital asset transactions into wash sale rules and mark-to-market rules could yield significant revenues, projected at over $1 billion and $8 billion, respectively, by 2025.<\/p>\n

Over the next decade, these measures could contribute $7.3 billion and $25 billion, respectively, towards the national coffers. Additionally, an excise tax on crypto mining aims to reduce the national deficit by approximately $7 billion within the same period.<\/p>\n

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The focus on wash trading rules aims to close loopholes<\/a> allowing investors to exploit tax losses through quick buy-back strategies. By aligning the tax treatment of digital assets with traditional securities, policymakers aim to modernize the tax code and address the unique challenges posed by the cryptocurrency<\/a> market.<\/p>\n

However, Rochard\u2019s critique challenges the underlying motives of the proposed crypto mining<\/a> tax, questioning its potential impact on innovation and decentralization within the crypto ecosystem.<\/p>\n

Also Read: Court Deals Major Blow to US SEC on Supplemental Authority in Crypto Case<\/a><\/strong><\/p>\n

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The crypto world is abuzz with debate as Pierre Rochard, VP of Research at Riot Platforms, sheds light on President Biden\u2019s proposed 30% tax on crypto mining electricity. Rochard\u2019s recent post challenges the Biden administration\u2019s rationale behind the tax, alleging it is a veiled attempt to suppress the burgeoning crypto market. So, let\u2019s look at […]<\/p>\n","protected":false},"author":2,"featured_media":263438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-263437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/263437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=263437"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/263437\/revisions"}],"predecessor-version":[{"id":263440,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/263437\/revisions\/263440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/263438"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=263437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=263437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=263437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}