👉👉👉 Why President #Joe Biden Re-Election Will Benefit #Bitcoin
Anthony Scaramucci, the founder & managing partner of Skybridge, suggests that President Joe Biden could have a positive influence on both the #cryptocurrency & broader financial markets.
Scaramucci's perspective is based on Biden's track record & recent proposals for crypto-related legislation.
- Biden's Approach Seen as Favorable for Bitcoin
According to a recent report, Scaramucci views a president who supports the traditional hierarchical structure of society as conducive to success, including within the crypto sphere. He also believes that Biden's commitment to upholding the rule of law will facilitate the establishment of clear crypto regulations.
While these regulations may not please everyone, having transparent guidelines can provide a solid foundation for legal arguments in the future. In contrast, Scaramucci warns against former President Trump 's approach, suggesting that he aimed to revoke FCC licenses of his critics.
- Will Biden Support or Inhibit Crypto Innovation?
As the US presidential election approaches, polls indicate a slight lead for Trump over Biden. However, Chris Larsen, the co-founder of Ripple, has criticized Biden for what he perceives as hindering crypto innovation.
Similarly, Coinbase CEO Brian Armstrong has noted that many US crypto firms have relocated offshore due to the lack of regulatory clarity domestically.
Biden's administration has proposed significant measures, including a tax on crypto mining to address environmental concerns. The proposed Digital Asset Mining Energy (DAME) excise tax would levy 30% of the electricity costs associated with cryptocurrency mining operations.
Additionally, stricter regulations on brokers for reporting digital asset transactions have been proposed by the Biden administration.
Overall, Scaramucci's perspective suggests cautious optimism regarding Biden's potential impact on the crypto landscape, balancing the need for regulation with the desire for innovation & growth.
Source - beincrypto.com