Joe Biden wants your donations to reportedly counter crypto “executives” donating to Donald Trump
Joe Biden reportedly sent out text messages to people, telling them crypto “executives” and “oil barons” are donating to Trump.
Joe Biden reportedly sent out a text blast to multiple citizens, with posts on X showing how he said “cryptocurrency executives and oil barons” were donating to Trump. He supposedly said that US Presidential Candidate Donald Trump was outraising them.
This happened shortly after Donald Trump expressed that he was good with crypto and that he’d be accepting donations in “any crypto.”
Executive order on crypto
Biden has outlined his expectations and plans, along with providing tasks for different agencies regarding crypto in the long-awaited executive order.
March 9, 2022 — Executive Order on Ensuring Responsible Development of Digital Assets
President Biden signed an executive order calling for measures to:
- Protect U.S. Consumers, Investors, and Businesses.
- Protect U.S. and Global Financial Stability and Mitigate Systemic Risk.
- Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets.
- Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System.
- Promote Equitable Access to Safe and Affordable Financial Services.
- Support Technological Advances and Ensure Responsible Development and Use of Digital Assets.
- Explore a U.S. Central Bank Digital Currency (CBDC).
September 16, 2022 — Comprehensive Framework for Responsible Development of Digital Assets
The Whitehouse released a framework surrounding digital assets, highlighting the administration’s plans:
- Consumer Protection: Enhanced regulations and enforcement to safeguard consumers from fraud and scams.
- Financial Stability: Measures to mitigate risks associated with digital assets, including stablecoins.
- Responsible Innovation: Support for research and development in digital asset technology.
- Global Leadership: Collaboration with international partners to set standards.
- Illicit Finance: Strengthened regulations to combat illicit activities using digital assets.
- Central Bank Digital Currency (CBDC): Ongoing research and exploration of a U.S. CBDC.
“Recognizing the possibility of a U.S. CBDC, the Administration has developed Policy Objectives for a U.S. CBDC System, which reflect the federal government’s priorities for a potential U.S. CBDC.”
In the framework, Biden outlined directives, suggestions, and encouragements to different agencies.
- Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.
- Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) to redouble their efforts to monitor consumer complaints and to enforce against unfair, deceptive, or abusive practices.
- The Financial Literacy Education Commission (FLEC) will lead public-awareness efforts to help consumers understand the risks involved with digital assets
- The National Science Foundation (NSF) will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible.
- The Treasury will work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities. It will also work with other agencies like Organization for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB).
- The Office of Science and Technology Policy (OSTP) and NSF will develop a Digital Assets Research and Development Agenda.
- The Department of Energy, the Environmental Protection Agency, and other agencies will consider further tracking digital assets’ environmental impacts; developing performance standards as appropriate; and providing local authorities with the tools, resources, and expertise.
- The Department of Commerce will examine establishing a standing forum to convene federal agencies, industry, academics, and civil society to exchange knowledge and ideas that could inform federal regulation, standards, coordinating activities, technical assistance, and research support.
- The Department of Justice (DOJ), and other U.S. enforcement agencies will increase collaboration with — and assistance to — partner agencies in foreign countries
- The State Department, Treasury, USAID, and other agencies will explore further technical assistance to developing countries building out digital asset infrastructure and services.
“The President will evaluate whether to call upon Congress to amend the Bank Secrecy Act (BSA), anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers.”
Joe Biden on crypto
- Crypto has “no fundamental value”
- Calls to end $18bn ‘crypto tax loopholes’
- Called for a 30% tax on crypto mining.
- Addressed crypto in wash-sale rules as part of his 2025 budget.
- FTX’s Sam Bankman Friend is believed to have donated millions to Joe Biden.
- The White House press secretary refused to answer questions about whether Joe Biden would return the supposed $5.2m in campaign donations given by SBF.
- Said he would eliminate loopholes for crypto traders.
- Said he won’t agree to a debt deal that would protect “tax cheaters and crypto traders.”
- Appointed former Mastercard CO Ajay Banga as Head of World Bank. Banga previously called crypto and Bitcoin “garbage.”
- Demanded crypto exchange to separate customer and corporate funds.
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