Presidential Candidates Supporting Cryptocurrencies
U.S. presidential candidate Robert F. Kennedy Jr., who announced his candidacy for the Democratic nomination, will be elected at the Bitcoin 2023 conference held in Miami on the 19th with the crypto asset (virtual currency) Bitcoin (BTC). It announced that it will accept donations for its activities.
It is believed to be the first time a US presidential candidate has accepted a BTC donation.
Kennedy is the nephew of former President John F Kennedy. Showing his support for Bitcoin from a democratic point of view, he told the audience:
If I am elected president, I will ensure that the right to own and use bitcoin is inviolable.
I want to spend my life supporting “democracy and freedom”. This is because holding bitcoin is the result of exercising “freedom” and at the same time guaranteeing “freedom”.
Kennedy specifically announced the following policy regarding virtual currency.
- Right to store bitcoins in self-managed wallets
- Right to operate a blockchain node at home
- Industry independent energy regulation
- The United States will continue to be the center (hub) of cryptocurrency technology
- Virtual Currency Regulatory Jurisdiction and Establishment of Governance
Kennedy acknowledged the environmental impact of Bitcoin and encouraged the spread of environmentally friendly energy technologies. At the same time, he said the environmental impact should not be brought up as an excuse to undermine the cryptocurrency industry or to obscure the discussion.
Kennedy pointed out that the current government and regulator SEC (Securities and Exchange Commission) are becoming increasingly hostile to the cryptocurrency sector. He stressed that if he were to become president, he would be able to create a better policy environment for cryptocurrency companies.
Crypto asset advocates are not limited to Democrats. Businessman Vivek Ramaswamy, who has announced his candidacy as the presidential candidate of the Republican Party, the current opposition party, also announced on the 19th that he will accept election campaign donations in virtual currency.
Using the service of BitPay, a major US cryptocurrency payment company, donors can scan a QR code and access a screen to select various payment options.
Biden administration critical of cryptocurrencies
Incumbent President Biden has recently made some critical remarks about cryptocurrencies.
On Thursday, he criticized the Republican budget bill for including “tax loopholes to help wealthy cryptocurrency investors.” The move appears to be in opposition to a Republican proposal to eliminate the tax deduction for wash sales, which is sometimes used to avoid tax.
At the G7 summit, President Biden reiterated that he would not agree to any proposals to protect wealthy tax avoidance or cryptocurrency traders.
connection: US President Biden criticizes the Republican budget proposal as a ‘tax loophole for wealthy cryptocurrency investors’
What is a wash sale
A transaction in which an investor substantially maintains a position in a stock, etc., with the aim of incurring an investment loss in order to receive a tax deduction. An example is when an individual sells a stock at a loss and then purchases the same or substantially the same stock or security within 30 days before or after the sale.
In addition, the Biden administration also proposed on the 2nd that virtual currency mining companies should pay a tax equivalent to 30% of the electricity cost used for mining, and Mr. Kennedy will not disadvantage Bitcoin miners. It has announced a regulatory policy of “neutral position”.
connection: Biden administration proposes 30% tax on virtual currency mining companies
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