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Senator Cynthia Lummis releases report attacking Biden’s mining tax

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Senator Cynthia Lummis has sharply criticized President Biden’s proposed mining tax in a recent report, arguing that it could have detrimental effects on the cryptocurrency industry.

In her report, Senator Lummis outlined concerns about the potential impact of the proposed tax on Bitcoin and other digital assets. She argued that such a tax could stifle innovation and drive mining operations overseas, ultimately undermining the United States’ competitiveness in the rapidly evolving cryptocurrency sector.

Lummis, a vocal advocate for blockchain technology and digital currencies, emphasized the importance of creating a regulatory environment that fosters innovation while balancing the need for responsible fiscal policy. She cautioned that overly burdensome taxes could deter investment and hinder growth in the burgeoning cryptocurrency market.

The report comes amid ongoing discussions within the Biden administration and Congress regarding the taxation of cryptocurrencies and related mining activities. Supporters of Lummis’ position argue that clear and fair tax policies are essential to encourage continued investment and development in the sector, ensuring the United States remains a leader in technological innovation.

Critics of Biden’s mining tax proposal fear it could discourage miners from operating within the country, leading to potential economic repercussions and reduced tax revenue. They advocate for a more nuanced approach to regulating the cryptocurrency industry, one that promotes innovation while addressing legitimate concerns about tax compliance and environmental impact.

As policymakers continue to debate the future of cryptocurrency taxation, Lummis’ report adds to the growing dialogue surrounding the implications of proposed regulatory measures on the digital asset ecosystem. The senator’s advocacy underscores the need for careful consideration and collaboration in shaping policies that support both innovation and economic stability in the United States.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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