Bitcoin seems to be on the forefront of US politics, with a number of key stakeholders lately taking a constructive stance on the most important cryptocurrency. The most recent individual to voice help for the most important forex is Robert Kennedy Jr., the Democratic candidate for the 2024 US presidential election.
Kennedy defends Bitcoin as an emblem of democracy and freedom
Through the class Bitcoin Convention 2023 in Miami, Kennedy offered his proposals to control the Bitcoin (BTC) ecosystem and different cryptocurrencies. In his speech, Kennedy praised crypto as extra than simply cryptocurrency, describing it as an emblem of democracy and freedom.
He argued that crypto applied sciences are driving innovation and criticized how the USA is stifling the business, resulting in innovation transferring elsewhere. Kennedy outlined a four-pronged plan that he says is essential to regulating and rising the crypto ecosystem in the USA.
This features a dedication to safe the precise to personal BTC and run a node, guarantee impartial power regulation, keep the USA as a worldwide hub, and revisit the beliefs of Bitcoin pioneers like Ross Ulbricht.
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These proposals are supposed to counter present insurance policies being carried out by numerous US businesses, that are seen as a government-led assault on crypto and its neighborhood. Particularly, Kennedy’s third proposal seeks to handle limitations on Bitcoin mining, together with the lately proposed 30% tax on mining operations, which he strongly opposes. He argues that this fiscal plan relies on a misjudgment of environmental conservation influenced by elite pursuits.
The US authorities’s actions towards the cryptocurrency market, together with via the Securities and Change Fee (SEC), are additionally of concern. The SEC has filed lawsuits towards main exchanges equivalent to Coinbase, Kraken, and Binance. Moreover, SEC Chairman Gary Gensler’s stance on cryptocurrency belongings, besides Bitcoin, being labeled as securities, has sparked controversy.
General, these measures point out an extreme degree of regulation that’s inflicting corporations and builders to flee the USA. This prompted Kennedy’s fourth proposal, which seeks to make sure that the USA maintains its place as a worldwide hub for cryptocurrencies.
US Politicians See the Worth of Crypto
Kennedy, an environmental lawyer, publicly got here out as a Bitcoin supporter in April and has since spoken out towards rules imposed by the Joe Biden administration which are unfavorable to cryptocurrencies.
He has additionally built-in bitcoin funds as a technique to donate on his official marketing campaign web site. The BTC cost portal directs customers to an opennode.com cost web page which requires numerous identification necessities.
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It ought to be famous that the Bitcoin 2023 convention options a number of US politicians who help the crypto ecosystem, together with Senator Cynthia Lummis of Wyoming, Congressmen Patrick McHenry of North Carolina, Byron Donalds of Florida, and former Congresswoman Tulsi Gabbard of Hawaii, who was beforehand a member of the Democratic Celebration.
– Featured picture from iStock.com, chart from TradingView.com