Seven presidential candidates have revealed their crypto-stance

Seven presidential candidates have revealed their crypto-stance

What have the Democratic and Republican presidential candidates said about crypto?


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The next presidential election in the United States is scheduled for late 2024. This four-year term could have a major impact on the next bull run of crypto currencies.

Despite the fact that polls won’t open until November 5, 2024, several U.S. politicians already have indicated their intention to challenge President Joe Biden to take on the top job in this country.

Biden’s administration seems to be taking a more anti-crypto position. Donald Trump, the former president, is also bidding to be the next president. This could lead to a rematch. Other candidates are vying for the Republican and Democrat presidential nominations.

Joe Biden: ‘No value fundamental’

Joe Biden, the current President of the United States launched his reelection campaign on April 25, and is currently the favorite to be the Democrat nominee for president.

Biden’s approach to cryptography is perhaps best summarized in his Economic Report of President 2023, which included the first section on crypto since the report began in 1950.

This section was designed to dispel the “Perceived Appeal of Cryptoassets”. It claimed that crypto assets don’t provide “touted benefits” and “many of these have no fundamental value.”

Biden has rallied against perceived “crypto tax loopholes”, and even opposed a debt-ceiling agreement, as he claimed that it protected “wealthy taxpayers and crypto traders.”

He has called for a 30% tax on crypto mining electricity usage. He has called for a 30 percent tax on cryptocurrency mining electricity. He also wants to double capital gain taxes.

Donald Trump: ‘Not a big fan of Bitcoin.’

On Nov. 15, 2022, former President and NFT salesman Trump announced his non-consecutive bid for re-election. According to polling he is the Republican nominee of choice.

Trump said that crypto is “fake” and “a disaster just waiting to happen”. He also said Bitcoin (BTC), “just seems like scam” and did not like it because it was “another currency competing with the dollar.”

Trump, as president in July 2019, tweeted that he “was not a fan” of Bitcoins and other cryptocurrencies. He claimed their value is “based on nothing.”

In a discussion on trade sanctions with China, Trump allegedly told Steven Mnuchin to “go after Bitcoin”. In his budget proposal, “cryptocurrencies” are mentioned only to explain their use in criminal activity.

He did however consider a tax cut which could have been beneficial to crypto users. officials in the Trump administration have also touted distributed-ledger technology as an important tech to bolster the country’s cyber defenses.

Ron DeSantis: ‘Everyone has the right to use Bitcoin’

In his announcement of his presidential bid on Twitter, Ron DeSantis stated that he would “protect Bitcoin”. The Florida governor is second in polls conducted before his announcement.

DeSantis stated that “You are entitled to use Bitcoin” and he would “protect your ability to do such things as Bitcoin.”

He called out Congress and claimed that it had “never addressed crypto” and that regulators made it so that “people can’t operate in this space.”

In his budget proposal for Florida’s 2022-2023, he proposed that the government allow businesses pay state fees using cryptocurrency.

DeSantis, as a figure who is opposed to central bank digital currencies (CBDC), is perhaps better known.

He also passed laws in Florida that prohibited the use a federal CBDC for money, and banned the usage of foreign CBDCs. has also demonstrated against Federal Reserve’s FedNow 24-hour instant payment system, saying it is a CBDC predecessor.

Vivek Ramaswamy, Republican

Vivek Ramaswamy, the founder of a pharmaceutical firm, has also expressed a procrypto position. However, he is considered to be a longshot for the Republican nomination.

Ramaswamy announced will accept Bitcoin donations at the Bitcoin 2023 Conference.

Ramaswamy reiterated at the conference that Bitcoin is not a security and “we need to keep it this way.”

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Bitcoin is limited in quantity and there is no issuer. He said that it should not have been considered a security by the existing securities laws.

‘A major innovation engine’: Robert F. Kennedy Jr. — Democrat

Robert F. Kennedy Jr. is unlikely to be nominated by Democrats as their nominee for president, but he’s signaled his support of cryptography.

In a speech delivered at the Bitcoin2023 conference in May, he stated that “cryptotechnologies are a major engine of innovation” and described Bitcoin as a “symbol for democracy and freedom”.

He was the first candidate ever to accept BTC as campaign donations, beating Ramaswamy’s record by just a few days.

Kennedy has called Biden’s proposed crypto miner energy taxes “a bad idea”. He also opposes CBDCs because they “vastly increase the power of the government.”

The other

Nikki Haley is a third Republican declared candidate who has not publicly expressed her views on cryptocurrency.

The Democratic candidate Marianne Willamson also hasn’t, but she has expressed disappointment that the Canadian government has blocked crypto wallets for the trucker demonstrations in 2022.

Republican Senator Tim Scott, who is also running for office, has not stated any crypto policies. did have plans, however, to create for a crypto “bipartisan regulation framework.”

He has criticized the Securities Regulator’s handling of FTX, and questioned if it was “asleep behind the wheel.”

Cointelegraph reached out to the campaigns of Haley Williamson and Scott for clarification on their crypto positions, but received no response.

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