In the past four years, Biden’s administration has taken a broader position against Bitcoin, and his recent vetoes of important legislation have shown this. Biden’s veto of a crucial bill on May 31 that would have permitted highly trusted financial Institutions that hold Bitcoins and other crypto-currencies.
BREAKING: 🇺🇸 President Biden vetoes bill that would allow highly regulated financial Companies to be entrusted with custody #Bitcoin The crypto. pic.twitter.com/TMHavdWRx7
— Bitcoin Magazine (@BitcoinMagazine) May 31, 2024
Both the House of Representatives and Senate had endorsed this legislation. This legislation was intended to establish a regulatory environment that would allow banks and others to operate. financial Using digital assets as a way to secure entities, Bitcoin can be integrated into the mainstream. financial system. Supporters of the bill claimed that a similar framework would improve security for spot Bitcoin ETFs by dispersing the large amount of coins now held by just a few institutions. They also argued it would promote innovation and facilitate the Bitcoin sector’s growth. Biden’s vote reflects that his administration does not support the bitcoin industry. previously Compare crypto traders “wealthy tax evaders”.
Biden administration published a report criticizing Bitcoin and Proof of Work Mining, instead promoting Central Bank Digital Currency, which states “A U.S. CBDC would have the potential to offer significant benefits”. Biden’s desire to adopt a CBDC that would give the Federal Government complete control of their citizens’ finances shows him in his true colors.
The U.S. Department of Justice, under Joe Biden, arrested and accused the Samourai Wallet founders of money laundering after they were charged with money-laundering. U.S. Senator Cynthia Lummis defended Samourai founders stating “this stance contradicts existing Treasury guidance, common sense, and violates the rule of law.” Edward Snowden, a well-known whistleblower, also spoke out about the arrest.
Edward Snowden: U.S. Department of Justice Arresting Edward Snowden #Bitcoin Samourai Wallet’s founders, CEO and mixing services pic.twitter.com/qmigHJzmZU
— Bitcoin Magazine (@BitcoinMagazine) April 24, 2024
The Democratic Party has shown an unwillingness to back legislation that supports Bitcoin. Senator Elizabeth Warren is one of the most vocal opponents to crypto. Warren has criticised cryptocurrencies because of their regulatory and environmental challenges. She also said that they are not for her. “building an anti-crypto army” She addresses what she believes to be the threats that industry faces financial Consumer protection and stability
Former President Donald Trump recently adopted Bitcoins and cryptocurrency. On June 1, 2024, Trump announced OpenNode, an infrastructure provider for Lightning Network and Bitcoin, has confirmed that Trump’s campaign will accept Bitcoin payments via the Lightning Network. Trump said recently that he was open to accepting Bitcoins through Lightning Network. “will ensure that the future of crypto and Bitcoin will be made in the USA…I will support the right to self custody to the nations 50 million crypto holders”. Trump recently said that he was also “very positive and open minded to crypto companies,” This is what you should know “Our country must be the leader in the field. There is no second place.”
The Bitcoin industry, despite the Democrats’ position, is becoming a more influential force in U.S. Politics. Recent polls show that most crypto voters have no partisan affiliation, and are not influenced by either party. With over 50 millions Bitcoin and cryptocurrency holders in the United States, this demographic is growing. Bitcoin policy will be a key issue in the presidential elections of 2024.
Political leaders’ changing stances on Bitcoin and cryptocurrency underscore the increasing importance of this asset in shaping economic policies and regulations. Biden is losing a substantial portion of his base by refusing to accept Bitcoin. Crypto supporters argue that clear regulations and widespread acceptance of Bitcoin will drive economic growth and foster innovation. financial inclusion. Biden’s administration remains focused on this.
Bitcoin’s rise has brought new dynamic to the political scene. Bitcoin is non-partisan and appeals to people from all political backgrounds, but that does not guarantee it will be adopted by politicians. Joe Biden’s Democrats are making a nonpartisan technology a partisan one.Â
Conclusion: The Biden administration, and most Democrats prefer a CBDC to a cryptocurrency that is decentralized like Bitcoin. Biden and Democrats are more inclined to favor a CBDC over Bitcoin because Bitcoin doesn’t align well with their aspiring autocratic goals.
In the upcoming 2024 Presidential elections, it is more evident than ever that Bitcoin policy will influence voter preferences and strategies. Over 50 million Bitcoins and other crypto holders reside in the United States. The decisions made by political leaders regarding digital assets are likely to play an important role in the next election. This reflects the increasing importance of Bitcoin on the economic and political scene.
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Source: bitcoinmagazine.com