• Joe Biden is potentially the most anti-crypto leader in US history due to his shady infrastructure bill, attempts to shut out crypto businesses from traditional financial products, and 30 percent tax proposal on all crypto mining operations.
• In 2021, Biden signed an infrastructure bill that required crypto holders to report transactions over specific numbers, and the IRS would likely come down hard on them annually.
• His economic policies led to record inflation and caused crypto prices to plummet in 2022; he also attempted an Obama-era policy that would prevent crypto businesses from accessing traditional financial tools and services.
Joe Biden’s Anti-Crypto Stance
Joe Biden has earned a reputation as one of the most anti-crypto “leader” in United States history. In 2021, he signed a shady infrastructure bill that required cryptocurrency holders to report transactions over certain amounts annually or face penalties from the IRS. This was followed by weak economic policies that caused record inflation and drove down crypto prices in 2022. To make matters worse, he proposed an Obama-era policy preventing crypto businesses from accessing traditional financial tools and services such as checking accounts.
Infrastructure Bill Signing
In 2021, Joe Biden signed an infrastructure bill into law requiring cryptocurrency holders to report transactions exceeding specific amounts each year or face penalties from the IRS. This bill worked against popular hopes for simplifying crypto laws and making it more mainstream in American politics at the time when democratic hopefuls like Andrew Yang were campaigning on these ideas.
Economic Policies & Crypto Prices Plunge
Biden initiated several weak economic policies and signed multiple trillion dollar spending bills into law which brought about record inflation leading to the lowest points for cryptocurrencies ever seen in 2022. These laws directly countered earlier plans for making Bitcoin a legitimate asset class by mainstreaming it within American politics – instead they led directly towards its devaluation during this period of time.
Obama-Era Policy Proposal
The President then attempted to implement an Obama-era policy shutting out all cryptocurrency business from standard financial products such as checking accounts. This was seen as yet another attempt by the current administration at crippling any potential progress made towards popularizing cryptocurrencies within US politics despite earlier promises made otherwise by candidates such as Andrew Yang during their respective campaigns for office in 2020 before Joe Biden won out overall among democrats looking for White House representation at the time..
Conclusion: A Troubling Future?
It remains uncertain what future lies ahead for those hoping for further mainstreamed acceptance of cryptocurrencies within US politics given Joe Biden’s clear agenda against it so far throughout his term thus far as President – but there is no doubt that things are looking grim currently with recent proposals such as a thirty percent tax on all mining operations related to digital currency assets being put forward recently by his administration suggesting no immediate end will be coming soon unfortunately when it comes not only taxation but also potential regulation coming up concerning this industry within American society going forward moving forwards into 2024..