News Snapshot:
A hot potato: The Biden administration is pushing to impose a 30% tax on electricity used by cryptomining operations. The White House says the extra bill is a result of the harm cryptomining causes the environment, the high energy prices, and its lack of benefits. In an online post, the White House's Council of Economic Advisers (CEA) proposed the Digital Asset Mining Energy (DAME) excise tax for the fiscal year 2024 budget. It states that the tax addresses the economic and environmental costs of current practices for mining crypto assets. The tax would be introduced in phases across three years,...