U.S. Democratic presidential candidate Robert F. Kennedy Jr. has promised to exempt cryptocurrency from capital gains tax when it is converted into U.S. dollars if he is elected. At a Heal-the-Divide PAC event, Kennedy echoed commitments he made at a conference in May to defend the right to self-custody bitcoin, run blockchain nodes at home, and provide industry-neutral energy regulation.
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, Kennedy said.
Currently, the Internal Revenue Service (IRS) treats crypto as property and investments rather than currency, which means it is subject to tax on capital gains. The Securities and Exchange Commission (SEC) has also been cracking down on the industry, leading crypto companies to call for more regulatory clarity.
Kennedy has been vocal about his support for the crypto industry, tweeting in May, It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. He also criticized incumbent President Joe Biden’s proposed 30% tax on cryptocurrency mining.
Voters will decide who will be the next U.S. president on November 4, 2021.