Dennis Porter, CEO of the Satoshi Action Fund, is taking the fight for hearts and minds on Bitcoin mining to Washington, DC and beyond in an effort to support friendly legislation.
Porter, who first discovered Bitcoin (BTC) in 2017, told Cointelegraph that his path defending the benefits of mining has led him to support bills in at least six US states, with federal legislators as well. in sight The executive director of the Satoshi Action Fund met with US senators and representatives on January 25 to support proposed legislation aimed at eliminating discrimination against miners.
According to Porter, the Lummis-Gillibrand Responsible Financial Innovation Act, a bill introduced in June aimed at addressing the roles of the US Commodity Futures Trading Commission and the Securities and Exchange Commission in crypto regulation , has a provision that addresses taxes for BTC mining rewards. She said the legislation could close a loophole that allows the Internal Revenue Service to take two bites of the apple in miners’ revenue.
“We believe that Bitcoin mining is being unfairly targeted and double taxed by the IRS today,” Porter said.
educating about #Bitcoin pic.twitter.com/e8DnH1zEiW
—Dennis Porter (@Dennis_Porter_) January 26, 2023
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 appeared on the national stage in person in defense of BTC miners. However, the organization has also endorsed bills being considered in New Hampshire, Montana, Mississippi, Missouri, and Oklahoma.
Crypto mining operations in the United States are under a lot of criticism among lawmakers and citizens alike, with complaints about the power consumption of proof-of-work cryptocurrencies like Bitcoin, as well as noise pollution from crypto mining machines. In November, New York Governor Kathy Hochul enacted a two-year moratorium on PoW mining.
Related: Bitcoin mining revenue surges 50% to $23 million in a month
Porter added that leaders in Montana have tried to drive out the miners using zoning laws and considerate policies that include higher electricity rates. The Mississippi and Missouri legislatures have separate inserted bills aimed at protect certain miner activities following visits by the Satoshi Action Fund, while Texas is home to many top blockchain companies following a crackdown in China.
“We’re going to keep pushing hard until a real policy is passed,” Porter said.
