Crypto is likely to be a big topic in next year’s presidential election, and republican candidate Vivek Ramaswamy is proof of this.
Vivek Ramaswamy is Making Crypto Part of His Presidential Policy
In a recent interview, Ramaswamy commented that he’s not only accepting bitcoin donations to his campaign, but he’s also looking to unveil new regulations that will lessen the taxation of crypto mining companies. He commented:
The thriving bitcoin universe should actually better empower me to do what I want to do as the U.S. president, which is to stabilize the U.S. dollar as a unit of measurement and put the Federal Reserve back in its place with that as its single mandate.
His comments come after Joe Biden commented that he was looking to implement a 30 percent tax rate on all crypto mining companies as a means of limiting their energy usage and promoting positive climate change tactics.
Not long ago, President Donald Trump unveiled a string of new non-fungible tokens (NFTs) and made more than $1 million in profit through the sale of said digital assets. Ramaswamy has commented that he’s not looking to unveil new NFTs of his own anytime soon. He stated:
Right now, I’m more focused on policy. It also just gives people the choice to donate to the campaign in bitcoin and signal that we’re not threatened by it.
More than anything, he wants crypto miners to be able to perform their duties freely in America. He doesn’t want the United States to become the next China, which ultimately made all crypto activity illegal about two years back. Regarding Biden’s mining taxation plans, Ramaswamy said:
I think that it’s wrong and unfair and is not an appropriate use of federal power.
He stated that he feels the taxation will ultimately limit innovation and prevent entrepreneurship from thriving in the digital currency arena. He mentioned:
We’ll put that into the rules and preserve freedom to mine by rescinding and committing against any special taxes for the utilization of energy for purposes of mining.
Will Bitcoin Be a Payment Tool in the U.S.?
He was also quick to mention that the U.S. dollar has been severely crippled under Biden and that assets like bitcoin could eventually become valid alternative payment methods in the U.S. should the dollar continue to thin and weaken. He said:
The insecurities that the defenders of fiat money have with respect to the rise of bitcoin is similar to the insecurities that I see amongst public schools and the teachers’ unions and the administrators of public schools with respect to school choice. I will be the opposite of what public schools are to school choice.
Right now, the U.S. has taken a very anti-crypto attitude given regulators like Gary Gensler – head of the Securities and Exchange Commission (SEC) – are working to persecute every crypto company they come across.
