Lummis Releases Orange Paper Highlighting the Pitfalls of Biden’s Bitcoin Mining Tax Proposal

July 23, 2024

Washington, D.C.- Today, U.S. Senator Cynthia Lummis (R-WY) released an "orange paper" in response to the Biden administration's FY 2025 budget proposal requesting a new 30% "excise" tax on electricity for Bitcoin miners, detailing the ways this disastrous proposal will erode American prosperity and financial innovation.

"President Biden is fond of saying budget proposals reflect his values, and his latest budget proposal - which targets Bitcoin miners with punitive and unfounded electricity taxes - makes it crystal clear he does not value this integral part of our financial future," said Lummis. "The Biden administration's proposal is not only counterproductive to its own goals but jeopardizes an integral and growing sector of the American economy in an effort to pander to its radical, far-left base."

This orange paper release is the first in an upcoming series. Similar to a white paper, orange papers outline Bitcoin-based policies. A digital copy of the orange paper may be found here.