Bidenomics Speech: A New Era for Cryptocurrency?
US President Joe Biden has taken aim at the cryptocurrency industry, hinting at forthcoming regulation in his latest address at the Bidenomics conference in Chicago, Illinois.
Infrastructure and Job Creation: Biden’s Success
In the opening segment of his speech, Biden proudly detailed the nation’s infrastructure successes and the significant creation of jobs in the past two years. The president stated that approximately 13.4 million new jobs have been established in the region over the last two years, dubbing it an achievement “more significant than any president has ever” accomplished in the same timeframe.
Striving for Fairness in Federal Tax System
Not stopping at job creation, Biden turned his attention to the current federal tax system, criticizing its existing flaws. He pledged to “make it fair”, highlighting that, at this point, “fair” denotes “eliminating loopholes for crypto traders, hedge fund managers.”
The president has previously estimated that the US government is losing around $18 billion in cryptocurrency taxes due to these loopholes predominantly utilized by “wealthy crypto investors.” This recent proposal, however, has sparked questions and skepticism from many within the decentralized industry.
Billionaires’ Tax Percentage Lower Than Workers
Furthermore, Biden observed that the number of billionaires in the US has risen, but their tax percentage remains “lower” than that of “a schoolteacher, a firefighter, or a cop.”
Criticisms From the Crypto Industry
Earlier this month, Gemini co-founder Cameron Winklevoss addressed the Democratic party in the US, criticizing the stance taken against crypto companies by SEC Chair Gary Gensler and Senator Elizabeth Warren. Winklevoss argued that the Democratic party’s perceived opposition to crypto might alienate young voters, which could significantly impact the outcome of future elections.
As the US continues to grapple with the regulation of the rapidly expanding crypto market, it is clear from President Biden’s recent remarks that changes may be on the horizon. How these will affect the industry and its investors, however, remains to be seen.