Biden’s Anti-Crypto Policies: Worst in History?
• Joe Biden is the most anti-crypto leader in U.S. history, having proposed a 30 percent tax on all crypto mining operations and trying to shut the crypto industry out of traditional financial products.
• Biden’s policies have caused record inflation and brought down crypto prices to their lowest points ever.
• He also signed an infrastructure bill that would require crypto holders to report all transactions exceeding specific numbers and be subject to IRS penalties.
Joe Biden’s Anti-Crypto Policies
Joe Biden has been turning out to be the most anti-crypto “leader” in the history of the U.S., with proposals ranging from a 30 percent tax on all crypto mining operations to shutting out the crypto industry from traditional financial products. His policies have had a severe impact on the cryptocurrency market, causing record inflation and driving down prices to their lowest points ever.
Biden’s Infrastructure Bill
In 2021, Joe Biden signed an infrastructure bill into law that not only failed to rebuild roads, hospitals, and schools (like it was supposed to), but also contained verbiage aimed at crypto holders – forcing them to report all transactions exceeding specific numbers or face IRS penalties come April 15th 2024.
The Obama-Era Policy
Worst of all, news then spread that Biden was working on implementing an Obama-era policy that would shut out all crypto businesses from traditional financial tools and services such as checking accounts – making it even harder for these firms to survive in today’s markets.
The Impact On Crypto Prices
Biden’s policies have had a devastating effect on cryptocurrency prices, with some altcoins falling by as much as 50%. This has made it extremely difficult for investors who own cryptocurrencies or are looking into investing in them due to fear of further regulation or devaluation of their currencies.
It is clear that Joe Biden’s administration has been anything but friendly towards cryptocurrency investors and businesses – with his policies having major implications for the cryptocurrency market in terms of pricing volatility and regulations imposed upon those dealing with digital assets. Despite this, many believe there is still hope for cryptocurrencies moving forward as other leaders may choose different approaches when dealing with this sector in future years.