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Top Cryptocurrency news: Acc. to a nonprofit, cryptocurrency companies have not delivered the "promised benefits" of legislative incentives.

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The Tech Transparency Project stated that "at a least, the public should have a role in these crypto gifts."

According to a study by the nonprofit watchdog organisation Campaign for Accountability's Tech Transparency Project, or TTP, cryptocurrency companies "gave little in return" for state governments' financial incentives.

The TTP claimed in a study made public on Thursday that numerous crypto companies based in particular U.S. states had "reaped preferential perks" for establishing up operations, while not always providing jobs, economic growth, or tax advantages for locals. The group claims that as state governments "experienced fiscal difficulties, surging energy usage, and major environmental impact," crypto lobbyists worked on behalf of businesses to obtain tax benefits and reduced energy rates.

The research team identified laws that were pro-crypto when they were passed by state governments, including those of Nevada, Wyoming, Montana, and Kentucky, to encourage businesses to open up shop. These laws date back to 2017. For instance, the TTP reported that lawmakers in Montana passed a law in 2017 that reduced property taxes on the data centres used for cryptocurrency mining. After mining companies moved in, locals began to complain and demand a moratorium due to "excessive noise, waste, and electricity use."

The TTP noted that in Wyoming, where lawmakers passed legislation exempting cryptocurrency businesses from property taxes and citizens are not subject to a state income tax, blockchain-based payments company Ripple did not identify any employees in the state while cryptocurrency exchange Kraken did. Wyoming Governor Mark Gordon stated in 2020 that he had to contemplate "devastating but essential" budget cuts for government agencies. In 2021, lawmakers allegedly considered taking similar action on K–12 education, though the pandemic's economic impact may also have played a role.

Local cryptocurrency miners in Kentucky will no longer be required to pay sales tax on their electricity purchases starting in 2021, and mining companies are also eligible for state tax incentives for sustainable energy businesses. According to a report issued by the Office of the State Budget Director in November 2021, these incentives are anticipated to cost the state $11.6 million year.

The TTP stated that it was too soon to determine how much the July 1st-implemented measures will actually cost Kentuckians. However, a number of governmental programmes are already under severe financial strain, which the cryptocurrency incentives may make worse. Additionally, it's doubtful that Kentucky will see any additional job growth as a result of the tax incentives.

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