{"id":12747,"date":"2022-08-04T20:57:25","date_gmt":"2022-08-04T20:57:25","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-firms-failed-to-deliver-promised-benefits-from-lawmaker-backed-incentives-says-nonprofit\/"},"modified":"2022-08-04T20:57:27","modified_gmt":"2022-08-04T20:57:27","slug":"crypto-firms-failed-to-deliver-promised-benefits-from-lawmaker-backed-incentives-says-nonprofit","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-firms-failed-to-deliver-promised-benefits-from-lawmaker-backed-incentives-says-nonprofit\/","title":{"rendered":"Crypto firms failed to deliver ‘promised benefits’ from lawmaker-backed incentives, says nonprofit"},"content":{"rendered":"
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The Tech Transparency Project, or TTP, a research initiative of the United States-based nonprofit watchdog group Campaign for Accountability, has released a report claiming crypto firms \u201cprovided little in return\u201d for state governments offering financial incentives.\u00a0<\/p>\n
In a report released Thursday, the TTP said that many crypto firms based in certain U.S. states have \u201creaped special benefits\u201d for setting up operations while not always delivering jobs, economic growth or tax benefits for residents. According to the group, crypto lobbyists worked on behalf of firms to gain tax breaks and discounted energy prices while state governments have \u201cfaced budget shortfalls, surging energy consumption and serious environmental damage.\u201d<\/p>\n
\nA new TTP report outlines favorable laws and tax breaks given by various state governments\u2014stretching from Nevada and Wyoming to Kentucky\u2014to speculative crypto projects that did not produce the promised job creation and social benefit for taxpayers. https:\/\/t.co\/ZEkqyQCCa1<\/p>\n