Joe Biden won’t accept debt deal protecting crypto investors.
US President Joe Biden made a remarkable statement. Biden expressed his opposition to a debt ceiling agreement that would allegedly benefit crypto investors.
Biden Talks About Crypto At The G7
US President Joe Biden talked about cryptocurrencies and its regulations at the G7 summit. Biden expressed his opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto investors. Biden, who attended the G7 Summit, reportedly called the terms offered by Republicans “unacceptable” during a press conference.
Biden used the following statements in his statement at the G7 Summit:
“I will not accept a deal that protects wealth tax cheaters and crypto traders while risking food aid for nearly 1 million Americans.”
The alleged protections for crypto investors refer to tax loss collection. According to the Washington Post, there is an ongoing discussion between the White House and Republican leaders about blocking the mechanism for cryptocurrency transactions.
In addition to ending the tax loss harvest for crypto, the White House has presented a similar proposal to Republicans that prevents investors from deferring property swap taxes. Both changes are expected to generate approximately $40 billion in tax revenue for the U.S. government.
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