Bitcoin mining advocate is going state-to-state to educate US lawmakers

Dennis Porter, main enforcement serviceman of the Satoshi Action Fund, is taking the combat for hearts and minds connected Bitcoin mining to Washington, D.C. and beyond successful an effort to enactment affable legislation.

Porter, who archetypal discovered Bitcoin (BTC) successful 2017, told Cointelegraph his way connected advocating the benefits of mining has taken him to enactment bills successful astatine slightest six U.S. states with national lawmakers besides successful his crosshairs. The Satoshi Action Fund CEO met with U.S. Senators and Representatives connected Jan. 25 successful enactment of projected authorities aimed astatine eliminating favoritism against miners.

According to Porter, the Lummis-Gillibrand Responsible Financial Innovation Act — a measure introduced successful June 2022 aimed astatine addressing the roles of the U.S. Commodity Futures Trading Commission and Securities and Exchange Commission connected crypto regularisation — has a proviso addressing taxation for BTC mining rewards. He said the authorities could adjacent a loophole allowing the Internal Revenue Service to person 2 bites of the pome connected miners’ revenue.

“We judge that Bitcoin mining is being unfairly targeted and treble taxed by the IRS currently,“ said Porter.

Educating connected #Bitcoin pic.twitter.com/e8DnH1zEiW

— Dennis Porter (@Dennis_Porter_) January 26, 2023

The conversations betwixt Porter and members of Congress including Senators Ron Wyden, Cynthia Lummis, and Ted Budd marked the archetypal clip the Satoshi Action Fund had stepped up successful idiosyncratic to the nationalist signifier successful defence of BTC miners. However, the enactment has besides stood down bills being considered successful New Hampshire, Montana, Mississippi, Missouri, and Oklahoma.

Crypto mining operations successful the United States person galore critics among lawmakers and citizens alike, making complaints connected the vigor depletion of Proof-of-Work cryptocurrencies similar Bitcoin and sound contamination due to galore of the machines ever running. In November, New York Governor Kathy Hochul signed a two-year moratorium connected PoW mining into law.

Related: Bitcoin mining gross jumps up 50% to $23M successful 1 month

Porter added leaders successful Montana person attempted to propulsion miners retired utilizing zoning laws and considered policies including higher energy rates. The legislatures successful Mississippi and Missouri person separately introduced bills aimed astatine protecting definite activities of miners pursuing visits from the Satoshi Action Fund, portion Texas is home to galore large blockchain firms pursuing a crackdown successful China.

“We’re conscionable going to support pushing hard until we get existent argumentation passed,” said Porter.