I have to admit that I’m quite perplexed by Biden’s stance on crypto. On one hand, he claims that he is a supporter of innovation and technology, and that he wants to foster a competitive and dynamic economy. But on the other hand, he says that he is not willing to negotiate with crypto traders who are using tax-loss harvesting as a way to reduce their tax liabilities. I don’t understand how that is consistent or logical.
Tax-loss harvesting is not a shady or illegal practice. It is a widely used and accepted strategy that involves selling assets that have declined in value in order to offset the capital gains taxes on other investments. It is not exclusive to crypto, but also applies to stocks, bonds, real estate, and other assets. It is not cheating, it is optimizing. It helps investors minimize their tax burden and maximize their returns. It also helps the crypto market grow and thrive, as it encourages more investment and liquidity.
Crypto is a new and emerging industry that needs support and guidance from the government, not hostility and obstruction. Crypto is not a threat or a menace, but an opportunity and a catalyst. It offers many benefits and advantages, such as faster transactions, lower fees, greater transparency, more inclusion, more innovation, and more freedom. It also creates jobs, wealth, and social impact. Crypto is the future of finance, and the US should embrace it, not shun it.
Biden should be more open-minded and flexible when it comes to crypto. He should not be stubborn and rigid in his views and policies. He should not alienate or antagonize a large and growing segment of the population that is passionate and enthusiastic about crypto. He should not risk a debt default or a government shutdown over a trivial issue like tax-loss harvesting. He should be more pragmatic and reasonable, and seek a win-win solution that benefits everyone.