Cynthia Lummis, a bitcoin lawyer and member of the United States Banking Regulatory Commission, said she would not support the Biden administration’s plan to impose a 30% tax on bitcoin investments in the country.
According to him, such a tax will harm the innovation and competitiveness of the American economy. “It’s not going to happen,” Lummis said in an interview with CNBC. “I think it’s a really bad idea. I think this will drive miners out of the United States and make them move to other countries where the tax burden is lower.
Lummis added that Bitcoin is a “fantastic technology” that can promote investment, power, and liberation. He also said that he owns Bitcoin and plans to continue buying it every month. “It is very important that the development of this technology and the mining of Bitcoin itself takes place in the United States,” the parliamentarian stressed. “We cannot work with China, Russia, and other countries active in this sector.”
The Bitcoin tax plan was included in the $1.2 trillion infrastructure spending package that Biden and members of Congress agreed to last month.
However, the package still needs to be approved by the House of Representatives, where it may face resistance from Republicans and Democrats.