Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Some lawmakers in the United States want BTC miners to be exempt from the proposed cryptotaxes

2 min read
Some lawmakers in the United States want BTC miners to be exempt from the proposed cryptotaxes

Some members of Congress want assurances that BTC miners and crypto software developers will not be subject to the newly proposed tax rules.

U.S. lawmakers have called for caution in implementing a proposed tax policy that could have significant implications for US cryptospace.

The expanded cryptocurrency tax regime was added at the last minute to the $ 1 trillion infrastructure agreement currently being discussed in Congress. Under the proposed changes, stricter rules on cryptocurrency reporting requirements could provide the government with additional $ 28 billion in funding.

Some concerns about innovation

However, Senator Patrick Toomey belongs to a group of senators who warned against this legislation. According to a Washington Post article, Toomey argued that the wording of the bill could provide legislative support for broader action against US crypto space outside the stock exchange, other businesses and target entities such as BTC miners and software developers.

Senator Toomey is not alone in these allegations, nor, according to his colleagues, the wording of the bill provides ample opportunities for repressive regulatory policies that could be detrimental to digital innovation in the country.

However, fellow senator and crypto politician Rob Portman downplayed these concerns.

“This legislation does not oblige software developers and cryptographers to comply with IRS reporting obligations.”


Efforts to protect miners from the demanding tax reporting requirements come at a time when US-based miners are continuing to expand their capacity due to the exodus of the hash rate from China. Marathon Digital reportedly aims to reach a hash capacity of 13.3 exahashes per second before the end of Q2 2022, a figure that represents about 12% of the current total BTC hash rate.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply