• Joe Biden is turning out to be the most anti-crypto “leader” in the history of the U.S., with a 30 percent tax proposal on all crypto mining operations, and attempting to shut the crypto industry out of traditional or standard financial products.
• Biden signed a new infrastructure bill which contained verbiage aimed at crypto holders, and initiated several weak economic policies which caused record inflation and brought crypto prices down to their lowest points in 2022.
• He also attempted to implement an Obama-era policy that would shut out all crypto businesses from traditional financial tools and services, like checking accounts.
Joe Biden’s Anti-Crypto Stance
Between his shady infrastructure bill, attempting to shut the crypto industry out of traditional or standard financial products, and now a 30 percent tax proposal on all crypto mining operations, Joe Biden is arguably turning out to be the most anti-crypto “leader” in the history of the U.S. Crypto has long been a taboo topic in American politics.
Early Hopes for Crypto
As we all remember in 2019, some of the democratic hopefuls looking to make their way into the White House in 2020 built their campaigns on the ideas that crypto could be simplified. Men like Andrew Yang and Michael Bloomberg said they would do all they could to make crypto laws easier to understand, and they would work to make the industry more mainstream. However, neither figure was able to make waves with voters, and their plans ultimately came to immediate standstills. In the end, democrats wound up with Joe Biden who was touted as man who would put crypto on map as legitimate asset class enjoyed by all.
Infrastructure Bill & Weak Economic Policies
Things got off to a rocky start for Biden in summer 2021 when he signed a new infrastructure bill into law containing verbiage aimed at crypto holders requiring them report transactions exceeding specific numbers; this meant IRS could come down hard on them every April 15 beginning 2024. Things didn’t stop there however; he initiated several weak economic policies signing multiple trillion-dollar spending bills into law causing record inflation bringing crypto prices down their lowest points 2022; this period now stands shakiest ever for cryptos .
Shutting Out Traditional Financial Services
Then news spread he was working implement Obama-era policy shut out all crypto businesses from traditional financial tools services; things like checking accounts no longer accessible these firms .
Overall it seems clear Joe Biden trying hard turn US most anti-crypto nation world today despite early hopes otherwise; through series policies legislation aiming control monitor cryptocurrency space has gone far opposite direction originally planned .