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

Ron Wyden Ted Budd Cynthia Lummis Usa state Montana area District Of Columbia state Oklahoma state Missouri city Dennis, county Porter county Porter state New Hampshire Washington, area District Of Columbia state Mississippi United States regulation proof-of-work Energy Consumption Bitcoin Mining lawmakers US lawmakers

01.02.2023 - 00:47

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cointelegraph.com:

Dennis Porter, chief executive officer of the Satoshi Action Fund, is taking the fight for hearts and minds on Bitcoin mining to Washington, D.C. and beyond in an effort to support friendly legislation.

Porter, who first discovered Bitcoin (BTC) in 2017, told Cointelegraph his path on advocating the benefits of mining has taken him to support bills in at least six U.S. states with federal lawmakers also in his crosshairs. The Satoshi Action Fund CEO met with U.S. Senators and Representatives on Jan. 25 in support of proposed legislation aimed at eliminating discrimination against miners.

According to Porter, the Lummis-Gillibrand Responsible Financial Innovation Act — a bill introduced in June 2022 aimed at addressing the roles of the U.S. Commodity Futures Trading Commission and Securities and Exchange Commission on crypto regulation — has a provision addressing taxation for BTC mining rewards. He said the legislation could close a loophole allowing the Internal Revenue Service to have two bites of the apple on miners’ revenue.

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

Educating on #Bitcoin pic.twitter.com/e8DnH1zEiW

The conversations between Porter and members of Congress including Senators Ron Wyden, Cynthia Lummis, and Ted Budd marked the first time the Satoshi Action Fund had stepped up in person to the national stage in defense of BTC miners. However, the organization has also stood behind bills being considered in New Hampshire, Montana, Mississippi, Missouri, and Oklahoma.

Crypto mining operations in the United States have many critics among lawmakers and citizens alike, making complaints on the energy consumption of Proof-of-Work cryptocurrencies