Robert. F. Kennedy Jr, a US presidential contender in the next elections, has mentioned in the clear words that the 30% tax implemented by Joe Biden (the current US president) on crypto mining is not a good idea. He is of the view that the cryptocurrencies like Bitcoin are promising. In his words, the respective assets can play a significant role in bringing about a great revolution within the US-based industry.
Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea. 🧵— Robert F. Kennedy Jr (@RobertKennedyJr) May 3, 2023
A US Presidential Candidate Says Biden’s 30% Tax on Crypto Mining Will Drive Innovation Somewhere Else
Robert additionally stated that the tax-related decision of Biden is a mistake for the government within the jurisdiction. As per Robert, the respective decision could be harmful and could pave the way for leading the innovation somewhere else outside the United States. On the 2nd of May, a report was published on the Whitehouse’s official website. In the respective report, DAME Tax was mentioned.
This report is focused on the implementation of the tax on the crypto miners as well as the corporate mining platforms just like the others. Although the respective update had stirred up the members of the crypto community, the presidential contender had said more about the respective development. Robert shared on his official Twitter channel that the crypto assets and the technologies underlying them are a great innovation engine.
As per Robert, the 30% tax implemented by the sitting president of the United States will be damaging for the country’s financial industry. The authorities under the administration of Joe Biden had formerly raised several energy-related apprehensions and costs related to the crypto mining being carried out within the jurisdiction.
As per a report issued by the Whitehouse, the quantity electricity utilized in the mining space of the US in the previous year was supposedly close to the quantity of energy utilized to run the entirety of the residential lighting or home computers across the country. The US authorities assert that the cryptocurrency miners supposedly utilize a great quantity of energy while they do no pay for the costs.
In this way, their operations allegedly impact the others. The respective experience, in the words of the US authorities, result in a great increase in the energy costs, as well as the environmental pollution. This is the reason why the authorities proposed the Digital Asset Mining Energy (DAME) tax. The respective tax would make cryptocurrency mining companies accountable for the energy usage.
These entities would be required to recompense tax equaling up to 30% of the energy costs utilized by them in mining digital assets or cryptocurrency. Apart from that, Robert Kennedy pointed out though the energy usage and the apprehensions related to it are slightly overstated. He asserted that the mining of Bitcoin consumes the same energy as is utilized by the platforms within the industry of video games.
He Promotes a Currency Ecology Containing Diverse Structures
However, he added, no one demands the implementation of a prohibition on the respective sector. Robert thinks that the narrative dealing with the environmental and energy-related impact of Bitcoin mining is just a selective pretext focusing on the suppression of anything that poses threat to the top power structures.
A wide ecosystem is strong, as mentioned by the presidential candidate. Keeping this in view, he added that the economy within the US would become additionally resilient if there were more structures within it like diverse currency ecology and not only a centrally administered one.
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