Sunday, June 23, 2024

Is American politics contentious enough to turn cryptocurrency into a partisan issue?

The political landscape of the United States of America is, in many regards, quite polarizing. With a two-party system, there is a clear demarcation of left-wing and right-wing. The generalized view is that being right-leaning, the Republicans allow businesses to flourish, while left-leaning Democrats are against big businesses and corporates. While there exist many nuances and subcategories in it, this is the overarching binary under which American society operates. But is this binary polarizing enough to make cryptocurrency a bipartisan political issue? Recent comments from Hillary Clinton have added fuel to this fire.

Echoing the views of other Democrat leaders, Clinton said that Bitcoin has the potential to destabilize the economy and weaken the American dollar. On the other hand, this is being perceived as an increasingly Democrat argument against cryptocurrency. The issue was also visible in the recent sanction of the Infrastructure Bill. The bill has much in it that can disrupt the functioning and operations of crypto entrepreneurs. On top of that, its extreme reporting requirements will put businesses to a halt. In both the Senate and the House, the number of votes for and against the bill is reflective of Democrat and Republican representation.

However, not all politicians are encouraging a polarization in the matter of national economy and finances. Cynthia Lummis, a Republican senator, is working with Democrat senator Ron Wyden to amend sections of the infrastructure bill that addresses cryptocurrency reporting requirements and taxes. Unless more politicians treat it as an international issue demanding national unity, the problem of bipartisanship will remain.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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