{"id":3785,"date":"2023-05-03T16:15:50","date_gmt":"2023-05-03T20:15:50","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/democratic-presidential-candidate-robert-f-kennedy-jr-says-it-is-a-mistake-to-hinder-crypto\/"},"modified":"2023-05-03T16:15:50","modified_gmt":"2023-05-03T20:15:50","slug":"democratic-presidential-candidate-robert-f-kennedy-jr-says-it-is-a-mistake-to-hinder-crypto","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3785","title":{"rendered":"Democratic Presidential Candidate Robert F. Kennedy Jr. Says It Is a \u201cMistake\u201d To Hinder Crypto"},"content":{"rendered":"
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Democratic presidential candidate Robert F. Kennedy Jr. has taken to Twitter over the past day or so to air his thoughts about cryptocurrency regulation.<\/p>\n

Kennedy most recently criticized the Biden Administration\u2019s renewed call to propose a 30 percent tax on crypto-mining, calling it a \u201cbad idea.”<\/p>\n

\u201cCryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine,\u201d Kennedy tweeted on Wednesday afternoon. \u201cIt is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden\u2019s proposed 30% tax on cryptocurrency mining is a bad idea.”<\/p>\n

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Kennedy is the nephew of former President John F. Kennedy and the son of Robert F. Kennedy.\u00a0<\/p>\n

The White House\u2019s Council of Economic Advisers published a blog post on Tuesday calling for what is dubbed the Digital Asset Mining Energy excise tax, or DAME.\u00a0<\/p>\n

Under that proposal, firms would contend with a tax equal to 30 percent of the cost of the electricity used.\u00a0<\/p>\n

The tax would be implemented next year and phased in gradually over a period of three years at a rate of 10 percent a year to then reach the target 30% rate by the end of 2026, according to previous cryptonews reporting<\/u>.\u00a0<\/p>\n

Electricity used in crypto-mining was similar to what is used to power all of the country\u2019s home computers or residential lighting, the council argued in the post.<\/p>\n

Kennedy compares crypto to video games<\/h2>\n

Kennedy said energy use is a concern, but argued that mining uses the same amount as video games and that \u201cno one is calling for a ban on those.\u201d<\/p>\n

\u201cThe environmental argument is a selective pretext to suppress anything that threatens elite power structures,\u201d Kennedy said in the tweet thread.\u00a0<\/p>\n

On Tuesday, Kennedy separately tweeted out a blog post that made the case that the Federal Deposit Insurance Corporation and Securities and Exchange Commission\u2019s \u201cwar on crypto caused the failures\u201d of Silicon Valley Bank, Signature Bank and Silvergate Bank.<\/p>\n

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The tech-focused banks began to collapse back in March.\u00a0<\/p>\n<\/p><\/div>\n