Bitcoin’s regulatory scheme in the US will soon come into focus in the Presidential elections later this year.
The two candidates — President Donald Trump and Joe Biden — go head-to-head in November, and while cryptocurrencies do not feature as part of their campaign topics; their stances on the technology will pave the path for the legal regime around crypto for the next four years.
Trump: Crypto is “thin air”
Trump is known to not particularly be a supporter of cryptocurrencies. He was clear on this in July 2019 in a tweet. “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he said at the time.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
According to Zenledger, a tax tool for cryptocurrencies, Trump proposed handing over control of cryptocurrency criminal investigations to the Secret Service as part of a $4.8 trillion budget proposal.
The report labeled cryptocurrencies as a challenge to national security said Zenledger. No further comments were made by the Trump administration.
Meanwhile, Trump’s tweet did not go well in cryptocurrency circles; with most focussing on how US dollars are similarly used to conduct illicit trade and can be “printed” from thin air as well. “Crypto Dog,” a prominent crypto commentator on Twitter, even posted a tweet on the topic that later went viral:
I am not a fan of fiat and other state printed currencies, which are not money, and whose value is highly inflationary and based on thin air. Unbacked Fiat Assets facilitate almost all current unlawful behavior, including drug trade and other illegal activity….
— The Crypto Dog
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