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The Twitter Crypto Community Trolls the U.S. Government

The Twitter Crypto Community Trolls the U.S. Government
  • The Twitter cryptocurrency community trolls the U.S. government
  • This comes as the Biden administration looks to crack down on tax evasion

Bitcoin, it just seems like a scam,” Mr. Donald Trump said. “I don’t like it because it’s another currency competing against the dollar.” The former U.S. president is just one of the many big boys to call crypto scams and many other names.

Since nearly the beginning, the U.S. government wasn’t a 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 the crypto industry is giving the regulators a hard time.

Lately, the Biden administration is looking to crack down on tax evasion and pointing to crypto as an area of concern. Last week, the U.S. Treasury announced proposed changes to crypto reporting as part of President Joe Biden’s proposed American Families Plan.

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

Following this, a Twitter account tweeted about how the government used to see the crypto industry as a threat but now, they want to make profit out of it now.

As usual, many reacted to the tweet regarding the U.S. government’s position. Another Twitter account said,

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.

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Cho Amisola is a passionate writer for both creative writing and digital publishing. She’s been featured and published in both areas and is now focusing on blockchain news.