Not long ago, the Republican dominated House of Representatives passed a bill to decrease funding for the Internal Revenue Service (IRS) by $70 billion. The bill is slated to wipe out support for the 87,000 agents being hired by the Biden administration, and most Americans are breathing a sigh of relief right about now.
Biden Is Getting a Taste of His Own Medicine
For crypto holders, the news is way better than expected. The fact is that the Biden administration has sought to target crypto holders for some time, even going so far as to pass an alleged infrastructure bill in the summer of 2021 that was less directed towards rebuilding roads, schools, and hospitals (as the word “infrastructure” would suggest) and more towards draining crypto holders during tax time.
There is also the onslaught of new regulations that are allegedly slated to arrive in the coming weeks and months after figures like Biden and Janet Yellen called for them out of concerns reportedly arising from the fall of popular digital currency exchange FTX. All this would be fine and dandy if one were to completely ignore the fact that Sam Bankman-Fried – the man behind FTX – was the second highest donor to Joe Biden’s presidential campaign.
There is no way Biden could have had such close ties to SBF and FTX and not realized that something shady was going on. Now that SBF has been arrested and the company has shut down in a heap of bankruptcy and fraud, everybody – after accepting donations from the man behind the curtain – wants to impose new regulations that would supposedly steady the crypto space and monitor it the way the standard financial space is monitored.
This is exactly what crypto has always stood against. It has always been an arena of autonomy and independence. Those that took part in it and traded digital currency did so because they wanted to avoid the middlemen, third parties, and prying eyes of the traditional monetary industry. They wanted to enjoy the freedom our forefathers planned for them, and they wanted the ability to spend and do what they would with their money without having a government entity step on their decisions.
Can People Be Less Fearful, Now?
By severely limiting money and support for the IRS, crypto holders can likely rest assured that the trades they’ve conducted will not raise as much suspicion as they would have prior. A Republican-led house is likely to put a serious damper on the anti-crypto agenda imposed by Biden and his nation-hating associates, and we’re probably already bearing witness to what will undoubtedly be a serious headache for the illicit commander-in-chief.
Citizens – whether they trade crypto or not – shouldn’t be forced to live in fear as they have these last two years. As Speaker Kevin McCarthy stated when the House bill was passed, governments should serve working people… Not go after them.