Twitter Crypto Community Trolls the US Government Crypto Relationship

Donald Trump once commented on Bitcoin: “it just seems like a scam. I don’t like it because it’s another currency competing against the dollar.” The ex-president is just one of the many politicians calling crypto scams and many other names.

The U.S. government has never really been a big fan of digital assets. From the Senate to U.S. policymakers, almost everyone wants to tackle issues presented by the growing use of cryptocurrency. But it seems like their issues with crypto is not something they can just resolve in few meetings.

Biden administration is anxious to crack down on tax evasion and pointing to crypto as a big area of concern. Just last week, the U.S. Treasury announced proposed changes to crypto reporting as part of President Joe Biden’s proposed American Families Plan.

Also, the plan aims to bring a new rule for firms and crypto exchanges, requiring them to report any crypto transactions with a fair market value of $10,000 or more to the IRS.

Ryan Selkis pointed out the government hypocrisy over crypto, as they see the crypto industry as a threat and evil, but at the same time they want to make profit out of it.

As usual, many reacted to the tweet regarding the U.S. government’s position. Jerry Brito commented:

“The U.S. Government is not a monolith. There are so many people within it who appreciate Bitcoin and crypto’s innovations. So many decision-makers who over a decade have done the right rather than easy thing. This kind of simplistic talk just pushes them away.”