Introducing the political Santas and Grinches of the crypto industry in 2021

Santa: Francis Suarez

In the lead up to Christmas, Miami Mayor Francis Suarez will be first on the list. The city launched MiamiCoin (MIA) in August. Revenue generated from the token is allocated to community initiatives in the city, with Mayor Suarez claiming that each resident of Miami could soon be eligible for a Bitcoin (BTC) dividend from the yield of MiamiCoin.

In February, Suarez announced his intentions to pass “the most stringent crypto regulations in the United States.” This year’s Bitcoin conference was held in Miami, with a turnout of over 5,000 people, cementing the city’s position as a burgeoning cryptocurrency hotspot.

Grinch: Narendra Modi

The first Grinch who stole crypto-mas was Indian Prime Minister Narendra Modi. He called on all democratic nations to collaborate to regulate cryptocurrency, particularly Bitcoin, “to ensure it does not fall into the wrong hands” and “spoil our youth.” He also warned that if left unregulated, cryptocurrencies might become a route for money laundering and terror financing.

On November 23, the Indian government submitted a bill for a ban on “all private cryptocurrencies,” which sparked a huge sell-off in the country. Since then, Subhash Garg, the bill’s creator, has denied that it will be enacted to outlaw “private cryptocurrencies.”

In mid-December, Modi’s Twitter account was briefly hacked, with a message stating that the country had adopted Bitcoin as legal currency. “India has officially adopted Bitcoin as legal currency. The government has officially purchased 500 BTC and is giving them out to all citizens of the nation. The future has arrived today!”

Santa: President Nayib Bukele

Of course, there isn’t a President of El Salvador that hasn’t been mentioned. President Bukele is the country’s current president. In June, El Salvador passed a “Bitcoin Law” that made BTC a legal currency in the country. As a result of citizens’ fears that their funds and pensions were at risk, numerous protests erupted.

Since then, Colombia has continued to fasten its crypto adoption with a goal of installing 200 ATMs and 50 branches that can convert BTC into USD. The country has been adding to its digital currency stockpile gradually, and there are further plans to construct a “Bitcoin City,” which will be a full-scale municipal project with residential neighborhoods and shopping centres.

Grinch: Elizabeth Warren

The next anti-cryptocurrency Grinch is Senator Elizabeth Warren, who declared in a Senate Banking Committee session that crypto is a “fourth rate” option to real currency. Warren stated that bitcoin and other cryptocurrencies are “a fourth-rate substitute for genuine money,” alleging that it’s an “unstable investment”.

The senator’s anti-crypto comments didn’t stop there, with her opining in a September conversation with the New York Times that it’s “worth considering” banning US banks from holding stablecoin reserves. She also referred to the cryptocurrency business as the “new dark bank,” infamously.

She accused the Ethereum network of being a scam on the same day, during a Senate Committee Meeting with Gary Gensler. “High unpredictable fees may make crypto trading highly dangerous for unskilled traders,” she said.

Santa: Andrew Bragg

Australian Liberal Senator for New South Wales Andrew Bragg is another name that will be familiar to readers of this blog. He has been a vocal supporter of cryptocurrency and digital assets in Australia throughout the last year, as the chairperson of the Senate Committee on Australia as a Technology and Financial Centre. In October, Bragg oversaw the publication of Australia’s”.

The document recommended 12 measures to address key themes in the cryptocurrency industry, including a tax incentive for crypto miners who use green energy, additional licenses for crypto exchanges, and an overhaul of capital gains taxes in decentralized finance. He also criticized Australian lenders, alleging that they were disguising “anti-competitive conduct” as regulatory compliance and debanking bitcoin users.

Grinch: Xi Jinping

This year, Chinese President Xi Jinping arguably single-handedly dominated the international stage in cryptocurrency. Xi has previously expressed his enthusiasm for blockchain technology, and his administration is working on a digital yuan central bank digital currency (CBDC). Despite this fact, China’s government has taken several important steps to limit bitcoin usage in the country throughout the last year.

In June, Chinese authorities prohibited crypto mining in the country, forcing miners to migrate to other nations. The communist nation went a step further by effectively banning cryptocurrencies in the country in late September.

Santa: Mayor-elect Eric Adams

Eric Adams, the mayor of New York, is one of the few pro-crypto mayors to qualify. This year, we’ve seen some friendly rivalry between him and Miami Mayor France Suarez over who is the bigger crypto advocate among city leaders.

In early November, Miami Mayor Francis responded to a question by Bitcoin podcaster Anthony Pompliano, who asked who the first American politician to accept their salary in Bitcoin will be. After Miami Mayor Francis said he planned to take his next pay check in Bitcoin, New York Governor Andrew Cuomo stated that he’d take his first three paychecks in cryptocurrency.

During the interview, he also said that after taking office in January, he intends to make New York “the center of the cryptocurrency industry.” Adams has been preoccupied with launching NewYorkCityCoin (NYCCoin) since then, and he’s even suggested adding crypto to educational curriculum.

Grinch: Brad Sherman

Congressman Brad Sherman’s anti-cryptocurrency diatribe at the House Financial Services Committee earlier this month is sure to be remembered. To show how quickly different cryptocurrencies may switch places, he asked, “what could Mongoose Coin do to Crypto Coin?” The crypto sector produced a batch of coins inspired by mongooses overnight as a result.

Since 2013, Rep. Brad Sherman (D-Calif.) has represented California’s 30th Congressional District. Almost as long, he’s been arguing against cryptocurrency. According to Cointelegraph, Sherman has received more than $100,000 in campaign contributions from major financial institutions.

Santa: Matt West

Matt West, a Democratic candidate for the U.S. House of Representatives who made waves this year, is another prominent pro-crypto politician. However, he has a somewhat more intimate connection to the sector than Prohaska or Green did. Matt West spends his days canvassing for the May 2022 Democratic primary election in Oregon’s 6th Congressional.

Although his platform mostly mirrors that of his Democratic colleagues in Congress on other issues like the environment and healthcare, he has been extremely vocal about the benefits of blockchain technology and cryptocurrency. In a November interview with Cointelegraph, West stated, “Cryptocurrency should not be a partisan issue. It’s too big for that.”

If you are interested in the crypto industry, it’s important to keep up with what politicians have to say about this emerging market. This article has provided a list of some outspoken anti-crypto politicians and their pro-crypto counterparts from this year so that you can see how your elected officials feel about cryptocurrency. Remember, calculating your crypto tax is hard work! Luckily for you Crypto Tax Calculator Australia wants to make things easier on everyone by providing professional service at an affordable price– contact us now if you are interested in our services or want more information on calculating taxes using our platform!