Riot Platforms Vice President of Research recently testified at the Texas State Senate on the topic of Bitcoin. During the hearing, he highlighted the empowering nature of Bitcoin and referred to it as “freedom money.” He emphasized that Bitcoin is a decentralized currency that enables people to take control of their finances and promotes financial inclusivity.
The VP’s testimony also included concerns about the additional mining tax, which he believes could potentially drive miners outside of the United States. This tax is proposed to be added to the existing taxes that miners in the US already pay, and would be used to fund infrastructure projects. However, the VP believes that this tax would be detrimental to the US’s position in the global mining industry.
Several Bitcoin enthusiasts and news outlets, including Bitcoin Magazine, have shared highlights of the VP’s testimony on social media. The discussion surrounding Bitcoin and other cryptocurrencies in the US continues to evolve, and this testimony provides valuable insight into the potential impact of regulatory changes on the industry.
Overall, the VP’s testimony at the Texas State Senate highlights the growing importance of Bitcoin in the financial world and the need for careful consideration when implementing regulations that could impact its growth and development. The potential consequences of the proposed mining tax demonstrate the delicate balance between promoting innovation and generating revenue for the public good.
