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Donald Trump vows to end Joe Biden’s ‘war on cryptocurrencies’
Donald Trump vows to end Joe Biden’s ‘war on cryptocurrencies’
THE cryptocurrency The market’s significant growth has made a name for itself in contemporary investment and political discourse. In a recent speech in West Palm Beach, Florida, former President Donald Trump vowed to end what he described as President Joe Biden’s “war on cryptocurrencies” if he were to be re-elected.
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Trump, who did not consider cryptocurrencies a viable means of financing, has in recent days acknowledged their place in America’s economic future. Trump clarified his position on cryptocurrencies in a speech on June 12, 2024. He stated: “All remaining Bitcoin be made in the United States.” This position contrasts sharply with Biden’s more cautious approach to cryptocurrencies. Biden’s March 2022 Executive Order (EO) illustrates this, calling for federal agencies to more closely supervise assets digital.
Biden stated in his campaign mandate: “We must support technological advances that promote the development and responsible use of digital resources” and further outlined six key priorities:
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Protection of consumers and investors
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Promote financial stability
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Countering illicit finance
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US leadership in the global financial system and economic competitiveness
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Financial inclusion
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Responsible innovation
While Biden’s EO is vague, his regulatory proposals show what he means by “responsible development and use.” The Biden administration has supported a 30% tax. cryptocurrency mining (phased in over three years) to address its environmental impact.
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These regulations highlight a stark contrast between the current administration and Trump’s vision for cryptocurrencies. Trump accused Biden of wanting to see the cryptocurrency industry “die a slow, painful death” with such stringent regulation.
Much of the cryptocurrency industry believes Biden’s interventions will push cryptocurrencies abroad and stifle America’s role in financial innovation. Trump, however, is committed to promoting this digital asset revolution and protecting them from anti-cryptocurrency figures. He promised: “I will keep Elizabeth Warren and her minions away from your Bitcoin.”
While Trump’s vision for an American-dominated cryptocurrency industry remains to be seen, Trump hints at potential cryptocurrency mining opportunities on US soil. He mentioned how the absence of income taxes in Florida is ideal and assured: “Florida is already leading the way and, with the right policies, can become the crypto capital of the world.”
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With the presidential race underway, Trump’s focus on cryptocurrencies highlights a key aspect of his campaign. He insists that his re-election is essential for cryptocurrency investors to capitalize on their current positions. Trump carefully reviews Biden’s current regulation and believes it is detrimental to the enjoyment of the industry. Given that the cryptocurrency industry is worth $2.5 trillion, political opinion will influence polls. Undoubtedly, cryptocurrencies will remain a major topic of debate for Trump and Biden as they prepare for the 2024 elections.
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This article Donald Trump vows to end Joe Biden’s ‘war on cryptocurrencies’ originally appeared on Benzinga.com
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