Dennis Porter, CEO of the Satoshi Action Fund, is advocating for the benefits of Bitcoin mining by supporting friendly legislation in various US states.
Fighting for Fair Treatment of Bitcoin Miners
He recently met with US Senators and Representatives to eliminate discrimination against miners and address taxation for Bitcoin mining rewards. The Lummis-Gillibrand Responsible Financial Innovation Act, introduced in June 2022, has a provision to close a loophole in the current IRS taxation for mining rewards.
Porter believes that Bitcoin mining is being unfairly targeted and double taxed by the IRS. The Satoshi Action Fund has supported bills being considered in New Hampshire, Montana, Mississippi, Missouri, and Oklahoma. However, Bitcoin mining operations in the US face opposition from lawmakers and citizens due to concerns over energy consumption and noise pollution from the machines. Despite these challenges, Porter intends to keep pushing for favorable policies.
Educating on #Bitcoin pic.twitter.com/e8DnH1zEiW— Dennis Porter (@Dennis_Porter_) January 26, 2023
Recommended reading: 5 Tips for Beginner Bitcoin Traders
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Frequently Asked Questions
❓ What is the Satoshi Action Fund?
The Satoshi Action Fund is a US-based advocacy group that is pushing for friendly legislation towards Bitcoin miners. This includes working to eliminate discrimination against miners and addressing taxation for Bitcoin mining rewards.
✔️ Who is Dennis Porter?
Dennis Porter is the CEO of the Satoshi Action Fund.
🚀 What is the Lummis-Gillibrand Responsible Financial Innovation Act?
The Lummis-Gillibrand Responsible Financial Innovation Act is a bill that was introduced in June 2022 that has a provision to close a loophole in the current IRS taxation for mining rewards.