• Joe Biden is arguably the most anti-crypto leader in US history with his infrastructure bill, attempt to shut out crypto businesses from traditional financial tools and services, and proposed 30 percent tax on all crypto mining operations.
• Democratic hopefuls such as Andrew Yang and Michael Bloomberg ran campaigns based on simplifying crypto laws and making it more mainstream during the 2020 election.
• Biden’s policies have caused record inflation and brought down crypto prices to their lowest point in 2022.
Joe Biden: Most Anti-Crypto Leader
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.
Democratic Hopefuls & Crypto
Crypto has long been a taboo topic in American politics. 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.
Biden’s Initial Plan for Crypto
In the end, democrats wound up with Joe Biden. The irony here is that in the beginning, Biden was touted as the man who would put crypto on the map. He would make it a legitimate asset class that could be utilized by all.
Biden’s Policies Impacting Crypto Markets
Things got off to a rocky start in 2021 when he signed an infrastructure bill requiring holders of cryptocurrency report transactions exceeding specific numbers or face IRS penalties starting 2024.
In addition his weak economic policies have led record inflation causing a dip in crypro prices down to their lowest points yet in 2022.
Shutting Out Crypto Businesses
Furthermore news spread that he was working on implementing an Obama-era policy which would shut out all crypo businesses from traditional financial tools such checking accounts..