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 in defending mining profits has led him to support bills in at least six US states with federal lawmakers also in their sights. 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 2022 Aiming to address the roles of the US Commodity Futures Trading Commission and the Securities and Exchange Commission in crypto regulation, it has a provision addressing taxes for BTC mining rewards. He said the legislation could close a loophole that allows the Internal Revenue Service to take two bites out 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 fire from lawmakers and citizens alike, with complaints about the power 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 about PoW mining in law.
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 after Satoshi Action Fund visits, while Texas is home to many top blockchain companies after a crackdown in China.
“We’re going to keep pushing hard until a real policy is passed,” Porter said.