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RFK Jr. proposes Bitcoin-backed U.S. Dollar and tax exemption for BTC. - 2
The presidential candidate will bring pro-BTC rules if elected to the White House.
Presidential Candidate RFK Jr. stunned everyone at an event when he proposed Bitcoin-backed Dollar and exempted BTC Tax should he be elected. The Democrat, who is believed to be an avid BTC proponent, was speaking at the Heal-the-Divide PAC event. The crypto community rejoiced at the presence of a BTC supporter in the race for the White House.
Robert F. Kennedy Jr. Proposes Bitcoin-Backed U.S. Dollar
During his speech, he said that should he be elected as the next President of the United States, he would try to back at least 1% U.S. Dollar with hard currency, or Gold, Silver, Platinum, and even BTC. He emphasized his vision for reviving the hard currency standards in the United States.
After careful analysis of this initial step, said RFK Jr., he shall try to increase the allocation every year. He argues that his policy potentially reimagines the entire U.S. financial system. Referring to a future where BTC is scarce and robust monetary principles reinforce the U.S. Dollar as the world reserve currency.
“Backing dollars and U.S. debt obligations with hard assets could help restore strength to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity.” – Robert F. Kennedy Jr.
Other than backing the U.S. Dollar with an asset, he said that his administration would exempt the conversion of BTC into USD from capital gains tax. He said that this decision would bring many benefits to the society at large. It shall facilitate innovations and invite investments in the industry and the country.
Exempting Capital Gain Tax on Bitcoin
Also, this system shall ensure citizens’ privacy and incentivize businesses wishing to grow their business in the United States and avoid the industry players going offshore. He also laid out the benefits of exempting taxations.
“Non-taxable events are unreportable, and that means it will be more difficult for governments to weaponize currency against free speech, which, as many of you know, is one of my principle objectives.” – RFK Jr.
He also reiterated some of his previous commitments, including defending the right to self-custody, running a node at home, and fighting for industry-neutral energy regulations. He spoke about these commitments during the Bitcoin 2023 conference in May 2023.
RFK Jr. On Regulatory Crackdown
In June 2023, Robert F. Kennedy Jr., other than promising pro-BTC rules to be enacted if he becomes President, criticized the United States Securities and Exchange Commission (SEC) for the regulatory crackdown against the crypto industry. This included many lawsuits against prominent crypto companies operating in the United States.
Winning the lawsuits against these crypto entities, if they win, might look as if the SEC won the battle. But America would have also lost the war to be the world leader in the crypto industry. The recent actions by the regulatory authorities show the lack of regulatory clarity regarding crypto, if not outright hostility against digital assets.
Robert F. Kennedy Jr. fully supports BTC and criticizes the methodology of printing money out of thin air. He says that such a scenario destabilized the economy in the long run. If and when such a future arrives knocking at our doors, BTC would act as an escape route taking its holders away from the splatter zone.
Source: https://www.thecoinrepublic.com/2023/07/20/bitcoin-backed-usd-exemption-of-btc-taxes-planned-rfk-jr/