I Will Exempt Bitcoin-Dollar Conversions From Taxes: Robert Kennedy Jr

Lavina Daryanani
Source: CNBC

Robert F. Kennedy Jr. has been a vocal supporter of Bitcoin. The 2024 presidential candidate has time and again made promises outlining the policies that he will enact if he is elected to power. Talking at a recent event, he assured Americans that they will not be liable to pay taxes on Bitcoin to U.S. dollar conversions. Specifically, he said,

“The Kennedy Administration will exempt the conversion of Bitcoin to the US Dollar from capital gains taxes.”

Also Read: U.S. SEC, CFTC Can Work Together on Crypto Rules: Caroline Pham

Kennedy’s regulatory stance

The securities v. not a securities debate got settled to a fair extent after the recent verdict in the Ripple case. The retail use of the asset was off the hook, as XRP was deemed to not be a security. Thus, people from the industry now believe that other assets that have similar underlying decentralized ecosystems will also be benefited from the same. During the event, Kennedy Jr. asserted his stance with respect to the largest crypto asset. He said,

“Bitcoin is not a security and should not be regulated as one.”

Furthermore, the current administration has taken a series of enforcement actions against companies from the crypto space. Community members have essentially dubbed this as “Choke Point 2.0.” Kennedy Jr. has now assured Americans that he will “put an end to the current policies of the Biden administration that are invited by Choke Point 2.0 to punish banks that are dealing with Bitcoin.”

Recently, the president also contended that he will make sure that citizens’ right to “use and hold Bitcoin is inviolable.” He went on to assert that Bitcoin is a defense against money supply manipulation. In fact, Kennedy Jr. is the first presidential candidate to accept campaign donations in Bitcoin. He deemed the digital asset to be more than a currency. According to him, it is an “exercise in democracy.” He recently also asserted that Bitcoin provided an escape route to the public for when the “bubble invariable bursts.

Also Read: U.S. Dollar To Be Backed by Bitcoin if Elected: Robert F. Kennedy Jr.