Neither #JoeBiden nor #donaldtrump are crypto champions

The cryptocurrency landscape has seen contrasting approaches from former President Donald Trump and current President Joe Biden, both of whom have garnered mixed reactions from the crypto community.

Biden's administration has faced criticism for its unfavorable stance on #cryptocurrency , with concerns raised over revived initiatives like Operation Choke Point, aimed at restricting crypto-related businesses' access to traditional financial systems. Moreover, former advisor Daleep Singh's advocacy for a central bank digital currency (#CBDC ) to suppress the crypto ecosystem has added to the apprehension among industry players.

The Biden administration's proposal for a 30% tax on cryptocurrency miners' energy costs further escalated tensions. Critics argue that the tax appears to target miners unfairly and could jeopardize their operations, irrespective of their energy sources. Additionally, recent actions by regulatory bodies like the Securities and Exchange Commission (SEC) have sparked concerns, with Chairman Gary Gensler's statements suggesting a cautious approach towards non-Bitcoin cryptocurrencies.

In contrast, Trump's remarks on cryptocurrency have been more tempered, with occasional nods towards its potential.

However, Trump has also expressed support for regulation, suggesting a need for oversight to prevent unlawful activities facilitated by unregulated crypto assets. During his presidency, Trump's administration introduced measures like the wallet rule to enhance financial surveillance, albeit amidst a backdrop of mixed signals from leading officials like Treasury Secretary Stephen Mnuchin and #SEC chair Jay Clayton.

Both Trump and Biden administrations lack staunch support for cryptocurrency innovation, with nuanced positions from some members. The debate continues as stakeholders navigate regulatory complexities in the evolving crypto landscape.

Source - cointelegraph.com