Robert F. Kennedy Jr. Pledges to End Taxation of BTC/USD Trading if Elected

IconCryptoNewsTerminal Staff27 Jul, 2024

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Robert F. Kennedy Jr. Pledges to End Taxation of BTC/USD Trading if Elected

Robert F. Kennedy Jr., an independent candidate for U.S. president, has outlined four executive orders related to Bitcoin (BTC) at the Bitcoin 2024 conference. According to Cointelegraph, Kennedy's proposed executive orders include: - Transferring the 204,000 BTC held by the U.S. government to the Federal Reserve as a strategic reserve asset. - Government purchase of 550 BTC per day until reaching a total of 4 million BTC. - Banning the Internal Revenue Service (IRS) from taxing and reporting on BTC/USD transactions. - Making BTC eligible for 1031 exchanges, which allow for tax-deferred property transactions. Kennedy's proposals have been met with mixed reactions. Some proponents of cryptocurrency welcome the potential for reduced government oversight and increased adoption of BTC. However, others express concerns about the feasibility and potential consequences of such measures. If elected, Kennedy's executive orders would represent a significant step towards mainstream acceptance and integration of Bitcoin into the U.S. financial system.

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