Monday, December 11, 2023

U.S. Democratic presidential candidate Robert F. Kennedy Jr. vowed to exempt crypto from capital gains tax when it is converted into U.S. dollars if he is elected.

Speaking at a Heal-the-Divide PAC event, he also echoed commitments he made at a conference in May defending the right to self-custody bitcoin, run blockchain nodes at home and promising industry-neutral energy regulation, The Street reported on Wednesday.

“The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal,” he said, according to the report.

The Internal Revenue Service treats crypto as property and investments rather than currency, which means it is subject to tax on capital gains. The Securities and Exchange Commission has also been cracking down on the industry. Crypto companies have been calling for more regulatory clarity for months, and are looking to see if a ruling against the SEC in its lawsuit with Ripple will lead to a change in approach.

“It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere,” Kennedy wrote in a Twitter post in May. “Biden’s proposed 30% tax on cryptocurrency mining is a bad idea,” he wrote referring to incumbent President Joe Biden, also a Democrat.

America will go to the polls to elect a president on Nov. 4, next year.

Edited by Sheldon Reback.

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