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RFK Jr.'s Vision: Bitcoin Tax Exemption and Backing the Dollar with Trusted Assets

David - Cryptocurrency Enthusiast   

In the latest cryptocurrency news, U.S. Democratic presidential candidate Robert F. Kennedy Jr. has unveiled a plan that could have far-reaching implications for the cryptocurrency and financial world. Kennedy is vowing to exempt Bitcoin (BTC) from capital gains tax when it is converted into U.S. dollars. At the same time, he aims to back the U.S. dollar with "real finite assets," including gold, silver, platinum, and the trusted Bitcoin itself.

The idea behind backing dollars and U.S. debt obligations with hard assets is to restore strength to the dollar, tackle inflation, and usher in an era of American financial stability, peace, and prosperity, according to Kennedy. He proposes starting the process with a cautious approach, where a small portion, possibly 1% of issued T-bills, would be backed by trusted currencies like gold, silver, platinum, or Bitcoin.

Kennedy reaffirmed these commitments during a Heal-the-Divide PAC event, echoing sentiments expressed in a previous conference in May. He staunchly defended the right to self-custody Bitcoin, advocating for the freedom to run blockchain nodes at home and promising unbiased energy regulation that would not favour any industry.

The proposal comes at a time when the cryptocurrency landscape faces regulatory challenges. The Internal Revenue Service currently treats Bitcoin as property and an investment, making it subject to capital gains tax. Additionally, the crypto industry has been seeking more regulatory clarity, and the Securities and Exchange Commission's enforcement actions have been a topic of concern.

Kennedy firmly believes that facilitating innovation and investment, preserving citizen privacy, and fostering domestic growth and tech jobs are some of the benefits of embracing cryptocurrency and its potential. His opposition to policies that could stifle the industry and hinder innovation aligns with his stance against President Joe Biden's proposed 30% tax on cryptocurrency mining.

With a vision that embraces the potential of cryptocurrency investment and crypto asset management while supporting Bitcoin investment, RFK Jr. seeks to create an environment of financial empowerment and progress. As the election season unfolds, Kennedy's proposals are likely to generate debates about the future of cryptocurrency and its role in the American economy.

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