Treasury Secretary Janet Yellen is once again setting her sights on cryptocurrency to receive even more government intervention and oversight. She claims that without their input, the proliferation of cryptocurrency and other digital assets would become overrun with fraud and illicit transactions. This belief held by the left is that only government intervention can protect the American consumer.
With one practice she is attempting to introduce, users would receive documents to file for taxes from their crypto dealings. In remarks set to be delivered on April 7th at American University, she claims, “Taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds so that they have the information they need to report their income to the IRS.” This is also her first speech about crypto since President Biden announced executive orders on the currency back in March.
The problem with this is that cryptocurrency is something people are picking up as a way to hedge against inflation. A way to ensure they keep their money where it is, but still being able to buy and sell more or less of it as needed. This kind of oversight is not needed if you buy gold or silver, or other items to preserve your money. So their desire to stick their nose in this is nothing more than a bigger push toward the federal banks controlling everything, and possibly towards their ultimate goal of a global cashless currency.
Since taking office, the Biden administration has been taking aim at anything that was not immediately benefitting the left directly. Things like cryptocurrencies represent everything they hate about free trade. The idea of the American people not having to be taxed anytime the inflation or deflation of their money hits is something they cannot stand. The left sees them as the most un-American thing in existence right now.
The truth of the matter is crypto is the most American thing to exist since sliced bread. Much like our forefathers, the American people have wanted a way to pay for goods and services without the king (in this case Biden) or his taxmen looking into it for their ‘share’ of the pie. They want equal representation, and since that is quite literally impossible on this matter, they believe that no taxes should be levied.
They are quite right, too. Swapping currency should never have been taxed before, but it was. They already have their share of the pie from that situation, and it has been disastrous for foreign nationals, or people looking to travel with the local currency for their destination. Then you have people who have picked up foreign currency to hold until their economies recovered. Currencies like the Iraqi Dinar most recently, and back in the 90s the Canadian Dollar, were seen as safe places to put money.
The hopes that those currencies would rebound and possibly grow their funding was a great idea for many. Unfortunately, the exchange rates, taxes, and availability of hard currency made these kinds of financial decisions near impossible for many Americans. This is where crypto changed everything.
By being based online, anyone with an internet connection could purchase cryptocurrency. If you had a specialized computer program or a device called a mining rig, you could even mine for various cryptocurrencies. This potential to make any increases in wealth without the left getting their chunk has infuriated them to no end. They don’t want people in Iowa getting wealthier by mining for Ethereum, or a kid in Brooklyn to have a chance out of poverty by mining for Bitcoin.
Yes, things can happen as this is an online platform. But banks can be robbed, too. Accounts can be hacked, and the feds rarely are of help there. Why should we trust them with this too?