Cynthia Lummis Slams Biden's 30% Bitcoin Mining Tax Proposal, Vice President Kamala Harris Snubs Bitcoin Conference And More: Top Crypto Updates This Week

The week was a whirlwind of cryptocurrency news, with big names like Elon Musk and Vice President Kamala Harris making headlines.

From Musk’s profile picture causing a meme coin surge to Harris’ team seeking crypto advice from Mark Cuban, the crypto world was buzzing with activity. Here’s a quick recap of the top stories.

Musk’s Meme Coin Magic

A simple change in profile picture by the Tesla CEO led to a massive surge in the value of Dark Maga DMAGA/USD, a politics-themed meme coin. The coin, featuring Donald Trump with laser eyes, saw a 4,300% increase in value within 24 hours of Musk’s profile picture change.

Read the full article here.

Harris’ Crypto Consultation

Vice President Harris’ advisors have reportedly been in discussions with billionaire and crypto enthusiast, Mark Cuban. This suggests a potential shift in the Democratic Party's perspective on digital assets, especially as Harris’ presidential campaign is underway.

Read the full article here.

See Also: Is Dogecoin Really Moving ‘According To Plan?’ Prominent Analyst Claims: ‘I Haven’t Sold One Single DOGE, I’ve Just Been Buying’

Lummis’ Bitcoin Battle

Senator Cynthia Lummis (R-Wyo.) criticized the Joe Biden administration’s proposal to impose a 30% tax on Bitcoin BTC/USD mining operations, calling it a “blatant attack” on innovation and American excellence. She outlined the potential adverse effects of such a tax in an “orange paper.”

Read the full article here.

Harris’ Bitcoin Conference Snub

Vice President Harris will not be attending the upcoming Bitcoin 2024 conference, according to David Bailey, CEO of BTC Inc. This decision has sparked controversy within the cryptocurrency community, highlighting the complex relationship between the current administration and the digital asset industry.

Read the full article here.

Schiff’s Bitcoin Blast

Economist Peter Schiff criticized Bitcoin investors' expectations from Trump, of the cryptocurrency being designated as a strategic reserve asset, likening it to political vote-buying tactics. He equated this to President Biden's promise to forgive student loans to win votes.

Read the full article here.

Read Next: 

• Dogecoin’s First Weekly Golden Cross In Four Years Is ‘2-3 Green Weeks Away’

This story was generated using Benzinga Neuro and edited by Ananya Gairola

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