US Senator Cynthia Lummis met on stage with Perianne Boring, CEO of the Digital Chamber of Commerce, at the Bitcoin 2023 conference in Miami and had a conversation about BTC.
Senator Lummis is a strong advocate of Bitcoin adoption in the United States and believes that Bitcoin is compatible with American values of freedom, property rights, personal responsibility and ownership.
Numerous bills have been submitted to Congress regarding digital assets, Bitcoin and blockchain technology in the US, aimed at providing regulatory oversight and establishing a legal framework for the industry. Senator Lummis plans to reintroduce the Responsible Financial Innovation Act, a comprehensive bill that covers various aspects of digital asset policy and regulatory oversight.
Collaboration is being made between the House Financial Services Committee and the Senate to work on this bill and resolve differences in the regulation of digital assets.
The Senator stressed the importance of not hindering innovation in the blockchain space while ensuring consumer protections and information.
Senator Lummis on Alleged Tax on Bitcoin Miners: "This Will Not Happen"
Lummis also expressed his concerns about the proposed 30% tax for Bitcoin mining activities. The Senator believes this is unlikely and highlights the importance of Bitcoin mining operations in the US for national security and energy security.
Lummis replied that “this will not happen” regarding the 30% taxation of BTC miners.
According to Lummis, as Bitcoin is expected to become an important part of the global digital economy, pushing innovation abroad and not developing the Bitcoin ecosystem in the United States could have national security implications.
Overall, Senator Lummis supports the adoption of Bitcoin and highlights the need for responsible regulation that encourages innovation. He sees Bitcoin as a currency that can provide financial and national security benefits.
*Not investment advice.