Dennis Porter, CEO of the Satoshi Action Fund, is taking the fight for hearts and minds on Bitcoin mining to Washington, DC and beyond in an effort to support friendly legislation.
Porter, who first discovered Bitcoin (BTC) in 2017, told Cointelegraph that his path advocating for mining profits has led him to support bills in at least six US states, with federal legislators as well. in your sights. The CEO of the Satoshi Action Fund met with US senators and representatives on January 25 in support of proposed legislation aimed at eliminating discrimination against miners.
According to Porter, the Lummis-Gillibrand Responsible Financial Innovation Act -a bill introduced in June 2022 with the goal of addressing the roles of the Commodity Futures Trading Commission and the US Securities and Exchange Commission in cryptocurrency regulation – has a provision that addresses the taxation of BTC mining rewards. He said the legislation could close a loophole that allows the Internal Revenue Service to take two bites of the apple in miners’ revenue.
“We believe that Bitcoin mining is being unfairly targeted and double taxed by the IRS today,” Porter said.
Educating on #Bitcoin pic.twitter.com/e8DnH1zEiW
—Dennis Porter (@Dennis_Porter_) January 26, 2023
The conversations between Porter and members of Congress, including Senators Ron Wyden, Cynthia Lummis and Ted Budd, marked the first time the Satoshi Action Fund had taken the national stage in person in defense of BTC miners. However, the organization has also endorsed bills being considered in New Hampshire, Montana, Mississippi, Missouri, and Oklahoma.
Cryptocurrency mining operations in the United States have many detractors among legislators and citizens, who complain about the energy consumption of Proof-of-Work cryptocurrencies like Bitcoin and the noise pollution due to many of the machines always running. In November, New York Governor Kathy Hochul signed a two-year moratorium on PoW mining.
Porter added that Montana leaders have tried to drive out the miners by using zoning laws and considering policies that include higher electric rates. The Mississippi and Missouri legislatures have separately introduced bills intended to protect certain miner activities following visits by the Satoshi Action Fund, while Texas is home to many top blockchain companies following a crackdown on China.
“We’re going to keep pushing until we get a real policy passed,” Porter said.
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