- U.S. presidential candidate Robert F. Kennedy Jr. promised to end the White House war regarding Bitcoin.
- Kennedy said he would treat Bitcoin as a currency rather than a commodity and encourage transactions.
- He added that small transactions and traders will be shielded from taxes while using the cryptocurrency.
U.S. presidential candidate under the democratic party, Robert F. Kennedy Jr., has vowed to take a different approach to crypto assets, especially Bitcoin if he clinches the coveted office. He made these statements in a recent interview with Bitcoin Magazine.
Kennedy, a known cryptocurrency supporter, promised to end the white house war on Bitcoin. He added that transactions will be protected and encouraged in the country.
Furthermore, he stated that Bitcoin will be treated as a currency rather than a commodity. Currently, crypto assets are treated as commodities for tax and regulatory purposes in the U.S. However, there are still gaps in regulatory guidance as it concerns crypto assets use in the country.
In what would delight many, Kennedy further added that Bitcoin transactions would be protected and encouraged. In addition, he said special coverage will be made for small traders and transactions to shield them from taxes and other liabilities.
He added that focus will be placed on encouraging small transactions to foster fluid cryptocurrency transfer. On the other hand, he mentioned that institutional users and large investors will not excused from tax liabilities.
U.S. regulators have drawn criticism for their regulatory actions against cryptocurrency entities in the country. In particular, the U.S. Securities and Exchange Commission has been mainly on the receiving end following its actions since the turn of the year.
Aside from that, the SEC has also been embroiled in accusations of malpractices, misguided pursuits of lawsuits, and conflict of interest against crypto companies. Recently, allegations surfaced that past SEC top officials maliciously kickstarted the 3-year-long lawsuit against crypto payment company Ripple Labs.
Despite the regulatory pressure, crypto companies have had their wins against the SEC. Ripple Labs, in July, secured a partial victory against the regulator on the securities status of XRP.
While Kennedy’s enthusiasm for cryptocurrencies is a positive sign for the community, many estimate that his chances against current U.S. President Joe Biden are close to zero. Kennedy and others will challenge Biden for the presidential nomination under the democratic party.
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