Crypto Mining Industry Battles US Government’s Tax Proposal

The US government has once again targeted the crypto mining industry, sparking backlash from industry leaders and Senator Cynthia Lummis.

30% Tax Proposal Revived

The Treasury Department’s 2025 revenue proposals include a revived plan to impose a 30% tax on crypto mining operations. This proposal was initially introduced a year ago but was later withdrawn.

Industry Leaders Express Concerns

Perianne Boring, CEO of the Chamber of Digital Commerce, denounced the proposal as “politically motivated” and harmful to the industry’s growth. The Digital Power Network labeled it as “punitive” and “misguided,” arguing that it targets an industry that promotes renewable energy use.

Senator Lummis Weighs In

Senator Lummis, a strong advocate for cryptocurrencies, expressed concerns that the tax proposal could damage the US crypto industry. She noted that the government’s overall stance on crypto assets appears “bullish,” but this proposal contradicts that sentiment.

Community Opposition

The crypto community has also voiced its opposition to the tax proposal. Miners have raised concerns about the current regulatory environment, including previous measures that required them to disclose sensitive data.