Home
News
Founder and Managing Partner of Skybridge, Anthony Scaramucci, has shared his views on the positive impact of the upcoming presidential election on the crypto market, especially Bitcoin.
Scaramucci’s views are based on Joe Biden’s recent proposals for crypto-related legislation.
Is Joe Biden Optimistic On Bitcoin?
In a recent report, Scaramucci said that he would prefer a President who upholds the traditional hierarchical structure of society as the safest and most preferred path for success, including crypto.
Scaramucci said,
“I tell Bitcoiners you are at risk if you get somebody that wants to destroy the institutions of the democracy, separation of powers in the constitution. The country has been made great, it is great — it doesn’t need to be made great again.”
Moreover, to support his statements, he said that Biden’s adherence to the rule of law will introduce cryptographic regulations. He has views that not everyone will like these regulations, but having clear guidelines will provide a solid base for any upcoming legal arguments in court and it will promote a structured process.
Scaramucci believes that Trump wants to pull the Federal Communication Commission’s (FCC) licenses from those who are critical of him. He warned that Trump has made this statement and it will impact journalists who he does not like.
Will Biden’s Democratic Party Support or Curb Crypto Innovation?
The upcoming US presidential election is scheduled for November 5, 2024. The Economist’s research based on the latest polling averages and other expectations shows that Donald Trump is slightly ahead of Joe Biden.
Last year, co-founder of Ripple, Chirs Larsen, reported and criticized Biden for his stance against crypto. Larsen believes that these contradicting views will prohibit innovation in the industry.
Moreover, Brian Armstrong, CEO of Coinbase, has highlighted the concern that many crypto firms have gone out of business or reduced their operations because of the lack of regulations within the country for the crypto industry.
An administrator from Biden’s party has proposed charging heavy taxation on crypto mining because of its negative impact on the environment during the budget announcement for Fiscal Year 2024.
The proposal includes implementing a Digital Asset Mining Energy (DAME) excise tax that would equal 30% of the cost of electricity used in any cryptocurrency mining operations.
The administration of the current US president has also proposed to impose stricter regulations on brokers, relating to the tax reporting of digital asset purchases and sales.
Conclusion: Biden’s Stance on Crypto
President Biden is not 100% pro-Bitcoin and this is what is raising concerns among crypto and Bitcoin investors amid the ongoing bull run. As the elections are approaching, users are skeptical about the future because stricter laws from the continuation of the ruling of the current government can adversely impact prices.
However, looking at the current stage of development and the interest of citizens in the booming technology can force the government to strike a balance between regulations and the implementation of cryptography.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
