The debt limit dispute in the United States, which the government and opposition has been arguing for weeks, is over. As a result of the principle that Democrat President Biden and opposition Republicans agreed, the risk of default was eliminated until January 1, 2025. Although the budget in question has not been formalized yet, it is expected to pass the parliament soon.
Following the agreement, a congressman made an important statement regarding the crypto industry on social media. Republican lawmaker Warren Davidson stressed that the new budget does not include a crypto mining tax.
Davidson answered the question of an expert at leading mining company Riot Platforms. Riot Platforms analyst Pierre Rochard asked the Republican attorney for tax-related information:
Pierre Rochard:
The official document you shared does not contain a case of Bitcoin mining. Can we say that the mining tax has been shelved?
Davidson, on the other hand, answered the question posed by the Riot Platforms head of research:
Warren Davidson:
Yes, we achieved significant gains as a result of negotiations. Avoiding new taxes is one of them.
Under the tweet shared by the American congressman, the crypto community made laudatory comments. According to Davidson’s answer, a possible mining tax in the country will not be on the agenda for the next 1.5 years.
Biden’s Tax Plan
In the first days of May, US President Joe Biden announced a draft that closely concerns the crypto industry. The bill in question planned to impose a tax on the energy used by Bitcoin miners. The government aimed to levy 10% electricity tax from miners next year. The energy tax was expected to rise up to 30% in 2026.
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