Ryan Selkis, the CEO of Messari, on Saturday, said that he is concerned about the future of cryptocurrencies in the United States if President Joe Biden is reelected.
What Happened: Selkis suggested options like moving overseas, rallying behind California Governor Gavin Newsom, or voting for Republican candidates who have shown a more favorable stance on crypto-related matters.
"There’s no future for crypto in the US if Biden is reelected. I’m sorry. Move abroad, draft Newsom and hope for the best, or vote GOP where at least we know the top three candidates are less terrible on this issue," he said.
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Why It Matters: These comments come amid the Internal Revenue Service’s (IRS) proposed regulations pertaining to the sale and exchange of digital assets by brokers. The IRS aims to simplify tax filing and reduce tax fraud through the introduction of a new reporting form, the Form 1099-DA.
The Treasury Department stated that under current tax laws, individuals are obligated to pay taxes on gains and have the opportunity to deduct losses from the sale of digital assets.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $25,969, down 0.27% in the last 24 hours, according to Benzinga Pro.
Photo by Lev Radin on Shutterstock
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