“Bad Idea”: Biden’s Crypto Tax Bashed by Presidential Candidate

The Democratic presidential candidate has increasingly positioned himself as a crypto proponent in recent weeks.

RFK Jr. standing forward and grinning in front of Joe Biden on fire who is holding a Bitcoin.
Created by Kornelija Poderskytė from DailyCoin
  • President Joe Biden’s administration wants to impose harsh taxes on crypto mining.
  • The proposal elicited a reaction from Presidential candidate Robert F. Kennedy Jr.
  • Kennedy claims Bitcoin’s energy use concerns are overblown.

Bitcoin mining has recently come under fire from U.S. President Joe Biden’s administration as the White House reiterated a proposal to impose a 30% tax on crypto mining in a blog post on Tuesday, May 2.

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While the proposal has unsurprisingly received opposition from the Bitcoin community, its latest critic hopes to stand in the way of Biden’s 2024 re-election bid.

A Split in Party Perception

Democratic Presidential candidate Robert F. Kennedy Jr. has slammed the Biden administration’s proposed tax on crypto mining as a “bad idea” in a lengthy Twitter thread on Wednesday, May 3. Kennedy described cryptocurrencies as “a major innovation engine,” adding that driving this innovation elsewhere would be a mistake. 

While conceding that Bitcoin’s “energy use is a concern,” the politician argued that it is “overstated.” 

"Bitcoin mining uses about the same as video games and no one is calling for a ban on those. The environmental argument is a selective pretext to suppress anything that threatens elite power structures," Kennedy claimed. 

The presidential candidate, however, offered no evidence for his comparison of Bitcoin mining with video games.

Kennedy Jr. did not stop at engaging in the narratives around Bitcoin’s energy use and even challenged the idea that only criminal elements use Bitcoin.

Kennedy Makes a Case for Bitcoin’s Utility

The politician argued that the privacy Bitcoin provides is not only desired by criminals but also by dissidents and regular citizens.

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He asserted that cash and crypto would be needed to guarantee freedom if governments continued weaponizing the financial system.

Kennedy further expressed that a diversified currency system would create a more resilient economic model, arguing that the current centralized model is fragile.

The Democratic presidential candidate has increasingly positioned himself as a crypto proponent in recent weeks. In April, Kennedy issued scathing remarks against the idea of a central bank digital currency (CBDC) and the Fed’s monetary policy over the last 15 years, touting Bitcoin as an escape. 

Kennedy is expected to speak at the Bitcoin Conference in Miami later this month.

On the Flipside

  • The Biden administration’s proposed crypto mining tax still has to pass through Congress.

Why You Should Care

Kennedy’s opposition to the proposed crypto-mining tax draws more attention to the issue.

To learn more about the proposed crypto mining tax, read this:

Bitcoin Community Slams Biden Administration’s Proposed 30% Mining Tax

Is TUSD owned by Tron’s Justin Sun? Find out more here:

TUSD Refutes Justin Sun Ownership, Threatens Defamation Lawsuit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.