Many prominent politicians and business leaders, including former President Donald Trump, Robert F. Kennedy Jr. and Vivek Ramaswamy, gathered in Nashville this week for the Bitcoin Conference 2024. Despite receiving an invitation, Democratic front-runner Kamala Harris declined to attend.
Conference organizer David Bailey criticized Harris’ decision on X. Tweet“It’s not surprising. What could we say when she’s actively imprisoning developers, driving our industry overseas, and attacking PoW… it would have been a disaster for her.”
The Biden-Harris administration’s anti-cryptocurrency stance may once again have a negative impact on Vice President Kamala Harris’ presidential bid.
In stark contrast to the Trump administration, President Biden’s administration has waged an all-out war against Bitcoin and other cryptocurrencies. Bitcoin Acceptance and the Republican National Committee Cryptocurrency Platform.
Attacking the miners
In March 2022, President Biden “Ensuring the responsible development of digital assets” To regulate Bitcoin and cryptocurrencies. This Executive Order strengthens regulation of Bitcoin by providing increased oversight for risk protection, responsible development, and equitable economic growth.
Following a presidential order calling for reducing “climate damage,” the White House press release He criticizes Bitcoin and cryptocurrencies for “consuming large amounts of electricity and potentially contributing to greenhouse gas emissions.”
Biden’s warnings about the climate crisis led the White House Office of Science and Technology Policy to urge the president to “limit or eliminate the use of energy-intensive consensus mechanisms for cryptocurrency mining,” advice that Biden would later follow.
President Biden’s FY2025 budget proposal includes: 30% consumption tax Sen. Cynthia Lummis (R-Wyo.) is a strong supporter of cryptocurrency, citing bitcoin mining as essential to the stability and security of the cryptocurrency. I believe The tax “endangers America’s hard-won leadership position and the future of bitcoin mining in the United States.”
Veto of pro-Bitcoin bill
In May 2024, President Biden Rejected HJ Res. 109, a bipartisan effort in Congress to overturn the Securities and Exchange Commission’s cryptocurrency accounting guidelines; Staff Accounting Bulletin 121The Biden Administration believes the SEC guidelines will protect consumers and investors.
SAB 121 would require banks and companies to safeguard and hold bitcoin and other cryptocurrencies for their customers, require them to report them as liabilities on their balance sheets, and penalize banks for putting consumers’ assets at risk in the event of bankruptcy.
in letter The American Bankers Association told President Biden that SAB121 is [banking] The ability of the industry to provide customers with safe and secure custody of their digital assets.”
Cryptocurrency advocacy groups like the Blockchain Association also criticized the Biden Administration’s “punitive, anti-crypto” accounting guidelines for stifling innovation. “The Biden Administration is flying into the face of growing consensus in Congress that innovation in digital assets should be supported, not punished,” Blockchain Association CEO Christine Smith said in a statement. post About X.
Appointment of anti-Bitcoin staff
President Biden’s personal pick for SEC Chairman, Gary Gensler, is also known for leading the Biden administration’s war on Bitcoin by attempting to crack down on and potentially shut down two of the largest cryptocurrency exchanges, Binance and Coinbase.
upon CNBCGensler argued that Coinbase should be “permanently barred and enjoined” from “operating a cryptocurrency trading platform as an unregistered domestic securities exchange, broker, or clearing house.” Two lawsuits filed Last year, a massive attack on Binance and Coinbase caused the value of many cryptocurrencies to fall by more than 15%.
and, post In X, Gensler argues that Coinbase has “deprived investors of important protections, such as a rulebook to prevent fraud and manipulation, proper disclosure, protection against conflicts of interest, and regular inspections by the SEC.”But ionically, X added a community note implicitly accusing Gensler of manipulating information.
“Coinbase has repeatedly sought guidance and attempted to involve the SEC. Recently, Coinbase had to sue the SEC to obtain clarification on the issues Coinbase is allegedly guilty of in this tweet,” the company said.
Tax increase
President Biden has also threatened to raise capital gains taxes to 44%. double This is the current highest tax rate. So if a wealthy individual buys one Bitcoin for $60,000 and sells it for $90,000, the investor will only realize a profit of less than $17,000. In other words, crypto investors will be penalized by being taxed at a significantly higher rate on their cryptocurrency investments, weakening the cryptocurrency market.
The Biden-Harris administration’s anti-crypto stance may once again have a negative impact on Vice President Kamala Harris’ presidential bid. As Election Day approaches, attention will be focused on whether Harris will reconsider her administration’s hostility toward the crypto industry in order to regain the support of the tech elite.
