Cryptocurrency

United

Biden

Kevin

Bitcoin

<p><strong>President Biden made it clear that he will not agree to protecting crypto traders in oppostition to those in need.</strong></p>
<h2 style="text-align: center;" id="president-biden-8217-s-stance-on-budget-negotiations">President Biden&#8217;s Stance on Budget Negotiations</h2>
<p>During his <a href="https://watcher.guru/news/president-biden-says-he-wont-agree-to-a-debt-deal-protecting-crypto-traders" target="_blank" rel="noopener">speech</a> at the G7 summit, President Biden discussed budget negotiations and expressed his stance on cryptocurrency. He revealed that prior to the summit, he had met with all four congressional leaders and they agreed that a bipartisan agreement is the only way to proceed.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">Biden:  &quot;I&#39;m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.&quot; <a href="https://t.co/YOAxYaNu8X">pic.twitter.com/YOAxYaNu8X</a></p>
<p>&mdash; Bitcoin (@Bitcoin) <a href="https://twitter.com/Bitcoin/status/1660345239540834311?ref_src=twsrc%5Etfw">May 21, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="no-protection-for-crypto-traders-in-debt-deal">No Protection for Crypto Traders in Debt Deal</h2>
<p>President Biden emphasized that he has already presented a proposal that cuts spending by over a trillion dollars. However, he deemed many other proposals as unacceptable. In a video released by Sky News, he specifically mentioned crypto, stating that he will not agree to a deal that protects wealthy tax cheats and crypto traders while endangering food assistance programs.</p>
<h2 style="text-align: center;" id="increased-scrutiny-of-cryptocurrency-by-us-regulators">Increased Scrutiny of Cryptocurrency by US Regulators</h2>
<p>This statement from President Biden comes at a time when regulators in the United States are intensifying their scrutiny of the cryptocurrency industry. It serves as a clear indication that there will not be a debt deal that safeguards crypto investors in the country.</p>
<h2 style="text-align: center;" id="opposition-to-tax-break-for-the-oil-industry">Opposition to Tax Break for the Oil Industry</h2>
<p>Furthermore, President Biden also expressed his opposition to a $30 billion tax break for the oil industry. He highlighted the industry&#8217;s $200 billion earnings from the previous year, arguing that they do not require the additional $30 billion incentive while the lives of 21 million Americans are at risk.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">We don’t have to guess what MAGA House Republicans value. They’re telling us. <a href="https://t.co/BM6JGMEFeq">pic.twitter.com/BM6JGMEFeq</a></p>
<p>&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1655988502079602690?ref_src=twsrc%5Etfw">May 9, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="discussion-on-blocking-tax-loss-harvesting-for-crypto">Discussion on Blocking Tax-Loss Harvesting for Crypto</h2>
<p>The White House and Republican leaders are engaged in discussions about blocking tax-loss harvesting for cryptocurrency transactions. Tax-loss harvesting is a strategy used by investors to reduce their tax liabilities. It involves selling a cryptocurrency at a loss to offset capital gains from crypto profits. The White House proposed similar changes for real estate swaps to prevent tax deferral, with both measures estimated to generate around $40 billion in tax revenue for the government.</p>
<h2 style="text-align: center;" id="republicans-reject-proposals">Republicans Reject Proposals</h2>
<p>However, Republicans have rejected these proposals, with House Speaker Kevin McCarthy asserting that the U.S. debt issue stems from excessive spending during the pandemic rather than a revenue problem. On the other hand, the White House attributes the debt problem to previous administrations&#8217; tax cuts, claiming that reduced revenue has significantly impacted the situation.</p>
<h2 style="text-align: center;" id="deadline-approaches-for-debt-ceiling-agreement">Deadline Approaches for Debt Ceiling Agreement</h2>
<p>Republicans aim to address the deficit through $4.8 trillion in spending cuts, which would directly impact federal agency budgets. Failure to raise the debt ceiling could result in a U.S. default as early as June 1. President Biden is set to have a phone conversation with Speaker McCarthy during his flight from Hiroshima to Washington, D.C.<br />
The debt ceiling, in place since 1917, sets a limit on the amount of money the federal government can borrow to cover its expenses.</p>
<h2 style="text-align: center;" id="biden-8217-s-ongoing-opposition-to-tax-loopholes-for-crypto-investors">Biden&#8217;s Ongoing Opposition to Tax Loopholes for Crypto Investors</h2>
<p>President Biden&#8217;s recent targeting of crypto investors is not the first instance. He previously tweeted about voting against tax loopholes that benefit wealthy crypto investors, which generate $18 billion in revenue.</p>
<h2 style="text-align: center;" id="potential-effects-of-us-debt-default">Potential Effects of US Debt Default</h2>
<p>With the U.S. government having until June 1 to reach a debt deal, Treasury Secretary Janet Yellen has <a href="https://walletinvestor.com/magazine/growing-concerns-of-us-debt-default-as-deadline-nears" target="_blank" rel="noopener">warned of catastrophic consequences</a> if no agreement is reached. While a U.S. default would have severe repercussions on the economy, it is speculated that the price of Bitcoin could surge in such an unlikely event, along with gold and U.S. Treasurys, which are considered safe haven assets.</p>

President Biden Rejects Debt Deal Protecting Crypto Traders

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