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The Biden administration recently re-introduced a proposed that would place a 30% tax on all “cryptocurrency miners” – a move that represents an ideological witch hunt against a rapidly growing industry (see my previous comments). The move, part of the government's budget proposal for the upcoming fiscal year introduced in March, is in stark contrast to recent, pro-crypto statements from former President Donald Trump, who just this week called for the U.S. to dominate the bitcoin mining sector. It remains to be seen whether the crypto mining excise tax will come into effect (or whether Trump will deliver on his aggressive crypto policies if elected), though in recent weeks many have begun to argue that President Biden may be softening on the industry.

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