Biden’s Anti-Crypto Rhetoric: From Taboo to Taxation

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• Joe Biden is likely to go down as the most anti-crypto leader in US history due to his infrastructure bill, attempts to shut out crypto firms from traditional financial services, and tax proposal on all crypto mining operations.
• Biden was initially thought of as the man that would make crypto a legitimate asset class but he has been doing the exact opposite.
• In 2021 he signed an infrastructure bill requiring crypto holders to report transactions exceeding certain amounts, caused record inflation resulting in the shakiest period for crypto, and implemented an Obama-era policy shutting out all crypto businesses from traditional financial tools and services.

Joe Biden – Most Anti-Crypto Leader in History

When Joe Biden first entered politics, he was touted as the man who would put cryptocurrency on the map. However, since his inauguration in 2021, he has done the exact opposite – turning out to be arguably one of the most anti-crypto “leaders” in U.S. history.

Infrastructure Bill Aimed at Crypto Holders

Biden began this crusade by signing a new infrastructure bill into law that instead of working to rebuild our roads, hospitals, and schools (like the word “infrastructure” would imply), contained verbiage aimed at crypto holders. They were made required to report all transactions exceeding specific numbers, and they faced IRS penalties every April 15 beginning in 2024 if they failed to do so.

Inflation Brings Crypto Prices Down

To add fuel to fire, Biden initiated several weak economic policies and signed multiple trillion-dollar spending bills into law that ultimately caused record inflation and brought cryptocurrency prices down to their lowest points in 2022 – now standing as perhaps one of its shakiest periods ever.

Shut Out From Traditional Financial Services

News spread that Biden was also working hard on implementing an Obama-era policy that would shut out all cryptocurrency businesses from traditional financial tools and services such as checking accounts; making it difficult for these firms to operate without access to them.

30 Percent Tax Proposal On All Crypto Mining Operations

The final blow came when reports emerged of a 30 percent tax proposal implemented by President Joe Biden on all cryptocurrency mining operations; which could potentially lead many miners away from their current setups or even drive them away altogether from engaging with cryptocurrencies altogether