US Crypto Mining Tax - Coinbase’s Legal Battles
The White House has proposed a 30% tax on energy costs for crypto miners in the US, with the goal of compensating for the "harms they impose on society." However, some have argued that such a tax could discourage mining and thereby increase emissions associated with bitcoin mining. Meanwhile, Coinbase has exceeded Q1 2023 expectations, reporting revenue of $772.5m and trading revenues of $374.7m. However, the company is facing legal issues, including allegations that its KYC procedures violated Illinois' Biometric Information Privacy Act, and that its top executives made over $1bn through the company's direct listing by not disclosing negative information. In other news, an investigative report has suggested that a theory dubbed "Operation Choke Point 2.0" is contributing to efforts to cut the crypto industry off from the banking sector. Additionally, a former OpenSea executive has been found guilty of insider trading.
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