Cryptocurrency has been a contentious political issue in the United States of America. For a long time now, legislators have gone back and forth with crypto regulations, with some leaders coming out publicly in support of crypto. On the other hand, many legislators have been vocally against cryptocurrency and even called for a ban on it. Keeping all speculations, the new Infrastructure Bill imposed a new set of taxation rules. As soon as the bill was passed, it caused widespread fear and anxiety among crypto investors in the country. Around the same time, pro-crypto legislators rushed to make amendments to the sections of the bill dealing with crypto. However, with all this political drama going on, there has been a trend of politicizing cryptocurrency along party lines.
In global geopolitics, political alignment determines many key factors, including economic policies. It was considered for many years that right-wing parties are more open to capitalism and the growth of industries and commerce. However, they were not prepared for a mode of commerce that is nothing like corporate capitalism. Instead of putting people into chains of debt, there was a technology set to liberate them. With its clear anti-establishment ethos, it would be natural to assume that left-leaning parties would support something like cryptocurrency. Unfortunately, that is not how things worked out in real life. Individual ownership is a contentious issue in left-leaning politics, and crypto is the mascot of personal ownership. Amidst all this chaos, the true subject of digital assets is getting lost among debates of left and right.