Friday, May 24, 2024
Regulation

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

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.

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 like Bitcoin and noise pollution due to many of the machines always running. In November, New York Governor Kathy Hochul signed a two-year moratorium on PoW mining into law.

Related: Bitcoin mining revenue jumps up 50% to $23M in one month

Porter added leaders in Montana have attempted to push miners out using zoning laws and considered policies including higher electricity rates. The legislatures in Mississippi and Missouri have separately introduced bills aimed at protecting certain activities of miners following visits from the Satoshi Action Fund, while Texas is home to many major blockchain firms following a crackdown in China.

“We’re just going to keep pushing hard until we get actual policy passed,” said Porter.

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