That is not true. You are taking that quote out of context. He said he didn't think "wealthy tax cheats and [wealthy] crypto traders" should be given tax breaks at the expense of the poor. That's not even close to being "anti-crypto".
The fact that he addresses someone as small as crypto traders, when crypto is just an ant compared to the elephant of the stock market and other investment branches makes me think otherwise.
The government has made it difficult for crypto investors to make any money by calling it a ponzi scheme. Now they want a piece of the profit? How's that fair?
Yes, he wants to, again, tax crypto earnings in the same all other investments are taxes.
Do you know how he wants to plug that loopholes? It's by making you report all trades and purchases and assign all your addresses to your ID, so that they can track you. In other words, they want to stop that few people who don't pay taxes by punishing the whole industry.
Maybe you call not getting a special privilege from the government, "anti-crypto", but for me he's just making sure everybody pays the same rate of taxes.
How am I getting special privilege? Isn't bitcoin already taxed in the US? People are reporting their profits every year, yet it's still unfair in the eyes of the Biden Administration?
Again, if he opposed crypto mining, why especially would the propose a tax on crypto mining? That's nonsensical.
Different kinds of customers have paid different rates for energy since they started selling it. That's nothing new.
That's because we don't need a tax on mining. There should be a tax on profit, which we already have, so that miners have to report their gains when they sell their newly mined bitcoin. The way they are attacking mining is they're trying to additionally tax miners on electricity because democrats don't like that this industry is growing fast and undermining the need for CBDC.
Shouldn't the rates be negotiated on the seller-buyer level, they way they've been for the last 10 years? Why do they need government in all that?
Why is being in favor of a US CBDC... anti-crypto?
Because CBDC is government's answer to crypto. A centralized coin that can be made the way USD is and where every user is known to various government agencies.
If anything, this would be a strongly pro crypto move since it will introduce millions of Americans to the idea of digital currency.
You want to be introduced to CBDC, be my guest, but keep me out of your wet dreams.
Want to jump off a bridge? I won't stop you.
(To say nothing of simply getting our country off of outdated paper and metal currency).
By turning that into a digital currency under government's control, so that it's exactly the same currency that goes from point to point faster, the way you can send money with apple pay and all those other second layers.
Yes, the government wants to collect the taxes based on what people earn. Again, that's nothing new. If you don't think we should all pay any taxes, well, that's a completely different subject--and you'd hardly start with cryptocurrency in particular since most taxes are paid in all kind of other ways.
I didn't say any of this.
His administration pointed out that a particular industrial sector leads to greenhouse emissions. Good. But that's not the same as being against said industrial sector.
Which was proven to be a lie. The whole report they based that upon was disproved in Congress. This is a great proof they used that to attack bitcoin without getting opinions and analysis from both sides.
Sure, from nearly zero before. That's very different than it surpassing one trillion in market cap.
I haven't said that it went up from 0. Again, the period that mattered was 2017-18 where it went 20x from 1k to 20k USD. That's far from 0.
And you know how Biden could have helped that happen? By providing a
safer marketplace for mainstream investors. Bitcoin didn't break one trillion because a bunch of hackers thought it was cool, it did so because millions of Americans can buy it using a broker they know they can trust.
This did not happen thanks to Biden. This happened because the SEC lost in court.
Get your facts straight. Biden did not make the SEC approve ETFs!
(And oh yeah, the supposedly "anti-crypto" Biden oversaw the approval of the ETF... why exactly?).
It was Gensler's job to do so and he got his ass handed to him twice, in court and in Congress.
Markets function best amid stability and regulation that creates a safe environment for investors.
What comes to mind is that you can regulate things into the ground.
