Biden Opposes a Debt Agreement Favourable to Crypto Traders in the Face of a Potential U.S. Default

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Last Updated on May 22, 2023 by Bitfinsider

Joe Biden stated that he is eager to reach an agreement with legislators that would prevent the government from defaulting on its debt obligations, but he is not willing to sign an agreement favourable to “crypto traders.”

Biden stated on the final day of G7 talks in Japan, “I will not agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for Americans.”

Without a new budget agreement, the United States could run out of money as early as June 1.

Clearly, the president has considered cryptography as he pursues a bipartisan agreement to avoid a potentially catastrophic default. Biden’s budget proposal for the upcoming fiscal year proposes modifying tax policies pertaining to “wash sales” of digital assets, which would eradicate deductions for losses incurred when selling and repurchasing the same or similar cryptocurrency investment.

Biden’s budget proposes a 30% levy on the energy consumed by cryptocurrency mining operations.

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