• Joe Biden is turning out to be the most anti-crypto “leader” in US history, as he has proposed a 30% tax on all crypto mining operations.
• Biden signed an infrastructure bill that would require crypto holders to report all transactions exceeding specific numbers, and then initiated weak economic policies and spending bills that caused record inflation.
• He also attempted to shut out crypto businesses from traditional financial tools and services like checking accounts.
Biden’s Anti-Crypto Agenda
Joe Biden is arguably turning out to be the most anti-crypto “leader” in the history of the U.S., with his shady infrastructure bill, attempting to shut the crypto industry out of traditional or standard financial products, and a 30 percent tax proposal on all crypto mining operations. Crypto has been a taboo topic in American politics for long time, but when Joe Biden was inaugurated it seemed like he could make crypto a legitimate asset class. However, he ended up doing just the opposite.
Infrastructure Bill Signing
In summer 2021, shortly after he was inaugurated, Biden signed a new infrastructure bill into law which contained verbiage aimed at crypto holders requiring them to report all transactions exceeding specific numbers, and IRS would likely come down hard on them every April 15 beginning in 2024.
Weak Economic Policies & Spending Bills
Biden then initiated several weak economic policies and signed multiple trillion-dollar spending bills into law that ultimately caused record inflation and brought crypto prices down to their lowest points in 2022. This period stands as one of the shakiest ever for cryptocurrencies.
Attempted Shut Out From Financial Tools & Services
News spread that Biden was working to implement an Obama-era policy that would shut out all crypto businesses from traditional financial tools and services such as checking accounts..
Conclusion
With his anti-crypto rhetoric becoming increasingly clear over time, it looks like Joe Biden will go down as one of the most anti-crypto leaders in US history.