Trump Vows to End Biden's 'War on Crypto', Positions Florida as Crypto Hub
Summary:
Former US President Donald Trump, during a speech in Florida on his 78th birthday, pledged to end President Joe Biden's stringent approach towards cryptocurrency if he wins the upcoming election. Trump criticized Biden for hampering the sector and voiced his commitment to lead and maintain bitcoin and other cryptocurrency's future predominantly in the US. This moves aligns with Florida's friendly regulations towards crypto and its recently gained title as the "choicest state" for cryptocurrency taxation.
In a recent Florida speech on June 14, coinciding with his birthday, former US President Donald Trump proclaimed he would conclude what he termed President Joe Biden's "assault on cryptocurrency" if he wins the upcoming election. Trump stated, "Joe Biden's attack on the world of digital currency will be put to an end. We are committed to ensuring that the future of cryptocurrency, including Bitcoin, will be predominantly American - maintained right here. A substantial part of the activity will occur in Florida." Trump's remarks came as part of a celebratory address in West Palm Beach, Florida, as he marked his 78th birthday.
Trump has previously been critical of Biden's stringent approach to the world of digital currencies. On May 26, he criticized Biden, asserting that the US ought to lead in the cryptocurrency sector rather than languish. Trump posted on Truth Social on May 25, "Biden, despite being the worst president in our nation's history, desires to let crypto languish. Such a scenario will never unfold under me," - the social media platform is a property of Trump Media and Technology Group.
Trump is gearing up to contend against Biden in the 2024 presidential race, scheduled for November 5. His declaration that Florida will be the linchpin for cryptocurrency comes after it was declared the "choicest state" for crypto tax purposes within the US. In contrast, New York was deemed the least favourable state, based on figures from CoinLedger.
Information disclosed noted that Florida's position was attributable to the absence of state income tax and the existence of cryptocurrency-friendly regulations. These include a pilot program allowing businesses to pay state fees using digital currencies, leading to Florida emerging as the state with the most favourable conditions for crypto taxation.
Published At
6/16/2024 8:19:53 AM
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