2023-05-04 12:43:08
President Joe Biden’s proposal for a 30% tax on mining Bitcoin and other cryptocurrencies has drawn criticism from Robert F. Kennedy Jr.a member of the well-known American political family and the most recent candidate for the presidency, who described it as a “small idea”.
Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea. ????
— Robert F. Kennedy Jr (@RobertKennedyJr) May 3, 2023
According to Kennedy, the US government should not rein in the industry or encourage innovation elsewhere because cryptocurrencies like Bitcoin act as a significant innovation driver. The politician acknowledged energy use issues, but claimed that video games, which are not subject to similar requests for bans or taxes, use the same amount of energy as Bitcoin mining..
He maintained that,
“Yes, energy use is a concern (albeit a bit of an exaggeration), but Bitcoin mining uses regarding the same amount as gaming and no one is calling for a ban on these.”
The US government claims that cryptocurrency miners allegedly consume a lot of energy without paying “the costs and impacts that their activities impose on others”.
This supposedly manifests itself in the form of higher energy prices and environmental damage. To hold cryptocurrency mining companies accountable for their energy use, the government suggested the DAME tax, which would require them to pay taxes equal to 30% of the electricity expenses they incur when mining cryptocurrencies or other digital assets.
However, the general public believes the 30% tax demand is an unusual levy that might put revenues in these growing sectors at risk. Local air pollution, higher energy costs and the broader effects of greenhouse gas emissions on the climate are some of the expenses mentioned.
US GOVERNMENT DECISION WAS POLITICALLY DRIVEN
While this update sparked reactions from the crypto community, Robert Kennedy Jr. had more to say on the matter. Kennedy claimed that efforts to regulate cryptocurrencies and cryptocurrency mining are politically driven. He argued that criticism of Bitcoin’s high energy use is just a “selective pretext” to contain challenges once morest elite power systems.
Furthermore, he stated that the availability of Bitcoin and various other currencies in addition to the US dollar would strengthen the resilience of the country’s economy.
Kennedy added that, contrary to what some detractors say, Bitcoin is not used only by “criminals who want privacy”. The government’s ability to regulate bank accounts and payments, he asserted, it can make the use of Bitcoin necessary for both ordinary citizens and political dissidents.
1683274370
#Robert #Kennedy #Criticizes #Bidens #Proposal #Tax #Cryptocurrency #Mining
