Biden Says He Won’t Agree To A Debt Deal That Protects Crypto Traders

May 23, 2023 10:04 pm Comments

During the recent G7 summit, Biden had brought up the topic of cryptocurrency when speaking about debt deals that were acceptable or not acceptable.

Specifically, Biden mentioned that he would not agree to a deal that “protects wealthy tax cheats and crypto traders” which indicated his position on crypto.

Essentially, one could assume from this statement that the current administration thinks that crypto is used to evade taxes and that crypto traders are not welcomed.

This does makes sense given that there is a lot of scrutiny within the industry right now by US regulators which is a major obstacle for adoption.

Still, many are optimistic that the industry will still prosper despite the clear sign that there will be no debt deal that protects crypto investors in the near term. reports:

According to the video let out by Sky News, Biden spoke about crypto, stating: “I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.”

The statement from Biden comes at a time when there is increased scrutiny of the cryptocurrency realm by US regulators. The statement is a clear indication that there won’t be a debt deal that protects crypto investors in the country.

Additionally, he also said that he wouldn’t agree to a $30 billion tax break for the oil industry.

He spoke about the $200 billion that they made last year, stating that they don’t need the $30 billion incentive while putting the lives of 21 million Americans at risk.

The fact that such debt deals won’t be accepted will greatly limit the number of options that the current administration has.

After all, it is clear that there is a major debt problem that the country has and that the smartest choice would be to explore all options to resolve it.

By eliminating potentially good options, the rise of US debt could continue and may reach a point where it is beyond saving.

So far, the debt ceiling has been constantly raised over and over which has concerned many investors which has made crypto an attractive alternative option.

CoinTelegraph reports:

Republicans reject the proposals, a source told the Post. House Speaker Kevin McCarthy claims the U.S. debt rise is a “spending problem, not a revenue problem,” citing the Biden administration’s excessive spending during the pandemic.

Meanwhile, the White House blames the debt issue on tax cuts from previous administrations, claiming revenue has been significantly affected by tax reductions.

Republicans want to close the deficit with $4.8 trillion in spending cuts, which would directly affect federal agencies’ budgets. If Congress fails to raise the debt ceiling, the U.S. could default as early as June 1. Biden will reportedly speak with McCarthy on the phone during his flight from Hiroshima to Washington, D.C.

In effect since 1917, the debt ceiling is the limit that Congress has set on how much money the federal government can borrow to pay i bills.

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