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We keep seeing attacks on crypto by Democratic politicians and support from Republican politicians, especially in the last couple of weeks

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by COINS NEWS 90 Views

Politics don't bother me. I agree and disagree about certain social issues from both sides, and don't identify as either left or right. But the difference in the way we're seeing politicians/regulators approach crypto definitely has me concerned.

Gensler has made it clear in recent times that he wants to label ETH (Source) and just about every other alt a security, which would effectively destroy any DeFi, NFT and dApp innovation, along with 95% of the crypto space (note that the previous Republican SEC commissioner stated multiple times that ETH was a commodity and not a security). Biden admin recently stated they want to heavily tax bitcoin miners which would likely lead to less mining and less security for Bitcoin (Source). Less recently, we saw numerous attacks on crypto by the New York regulator, whom have consistently made it difficult for companies and miners to operate in NY.

Today, soon after Texas' pro Bitcoin comments (more on that below), the Biden admin released the following statement on crypto β€œIndeed, crypto assets to date do not appear to offer investments with any fundamental value, nor do they act as an effective alternative to fiat money, improve financial inclusion..." (Source)

Yesterday we saw Ron DeSantis (governer of Florida) say he wanted to ban CBDC's, a massively pro-crypto move (Source), and today we're hearing incredible news from Texas, with lawmakers introducing a bill proposing to protect Bitcoin miners and holders "Shall know by this resolution that the Bitcoin economy is welcome in Texas...citizens shall always feel free and safe in their ownership and use of Bitcoin in the state of Texas." (Source).

There is a clear pattern of support from the Republicans and attacks by the Democrats. Does this bother you?

submitted by /u/Bladeyy21
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