The Crypto Roundup: 20 July 2023 | CryptoCompare.com

Robert F. Kennedy Jr., the Democratic contender for the U.S. presidency, has proposed a noteworthy plan to invigorate the American economy, including exempting Bitcoin conversions to U.S. dollars from capital gains tax and supporting the dollar with “real finite assets” like gold, silver, platinum, and Bitcoin.

Kennedy said that backing dollars and U.S. debt obligations with these assets could “ help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.”

The U.S. presidential candidate noted that the process would start cautiously, with “perhaps 1% of issues T-bills” being backed by commodities like gold or by Bitcoin. Kennedy also reaffirmed the commitments he made during a conference in May in favor of Bitcoin self-custody rights, the ability to operate blockchain nodes from personal residences, and advocating for impartial energy regulation.

Currently, the Internal Revenue Service (IRS) considers Bitcoin to be property and investment rather than a currency, subjecting it to capital gains tax. Crypto firms have been calling for more regulatory clarity for months, at a time in which the U.S. Securities and Exchange Commission (SEC) cracks down on the industry.

Kennedy, criticizing the government’s restrictions on the crypto industry, said it was a mistake for the government to “hobble the industry and drive innovation elsewhere.”

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/20/