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<p class="is-style-lead">Unmasking the tensions between crypto traders, wealthy tax evaders, and a potential financial crisis, U.S. president Joe Biden took a firm stance against biased fiscal deals.</p>



<p>In the contested U.S. budget negotiations, an unexpected asset has come under the spotlight: cryptocurrency. </p>



<p>Following a politically charged <a href="https://crypto.news/g7-jumps-in-to-aid-in-cbdc-adoption/">G7</a> meeting in Hiroshima, Japan, U.S. president <a href="https://crypto.news/bidens-proposed-18b-crypto-tax-leaves-unanswered-questions/">Joe Biden</a> fired a salvo against crypto traders and affluent tax cheats, refusing any agreement that could jeopardize food assistance for nearly a million Americans.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">BREAKING: President Joe Biden speaking on the final day of the G7 summit<br><br>&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/q2ATjj9RFh" target="_blank">https://t.co/q2ATjj9RFh</a><br><br>📺 Sky 501, Virgin 602, Freeview 233 and YouTube <a href="https://t.co/PIf0O5tKXq" target="_blank">pic.twitter.com/PIf0O5tKXq</a></p>&mdash; Sky News (@SkyNews) <a href="https://twitter.com/SkyNews/status/1660225824262434816?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 21, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Biden, embracing his role as the president, announced a proposed spending cut of over a trillion dollars on top of a previous deficit reduction proposal nearing $3 trillion. </p>



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<iframe loading="lazy" title="President Biden holds a news conference on the final day of the G7 summit" width="1020" height="574" src="https://www.youtube.com/embed/EzlXFYvqKiw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>The president also underlined the need for a bipartisan agreement to navigate the murky waters of the <a href="https://crypto.news/us-debt-crisis-may-trigger-70-surge-in-bitcoin-price-says-youtuber/">debt crisis</a>, a sentiment echoed by all four Congressional leaders.</p>



<p>&#8220;I&#8217;ve done my part,&#8221; Biden declared, and asked the Republicans to retreat from &#8220;extreme positions&#8221;. The President&#8217;s words illustrated the political landscape in the U.S.</p>



<h2 class="wp-block-heading" id="strong-crypto-traders-in-the-crosshairs-strong"><strong>Crypto traders in the crosshairs</strong></h2>



<p>Crypto traders were, unexpectedly, grouped with wealthy tax cheats in Biden&#8217;s barrage against perceived fiscal imbalances. </p>



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<p>Biden&#8217;s fierce disapproval of a deal that safeguards these groups while placing food assistance at risk sparked a flurry of reactions on social media.&nbsp;</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">he is talking about himself again.</p>&mdash; InReps (@FedLakes) <a href="https://twitter.com/FedLakes/status/1660287155204243458?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 21, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Critics questioned the fairness of putting crypto traders and tax cheats in the same category, while others brought attention to the unchecked spending during Biden&#8217;s administration.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">He just took the biggest stage so all the MSM cronies will report exactly what he wants about the Debt Ceiling. He just lies&#8230;.does he know they&#39;re lies 🤔🤔 Interesting spectator sport 🤣😁🤣</p>&mdash; Trudy Perry (@TrudyPe91141505) <a href="https://twitter.com/TrudyPe91141505/status/1660237636794032137?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 21, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="strong-the-clock-is-ticking-the-u-s-default-scare-strong"><strong>The clock is ticking: the U.S. default scare</strong></h2>



<p>Concerns about the U.S. defaulting on its debt obligations have grown as the deadline draws closer. </p>



<p>If Congress fails to lift or suspend the debt limit by June 1, the U.S. could face an unprecedented default, echoing <a href="https://www.reuters.com/world/us/yellen-says-june-1-is-hard-deadline-raising-debt-ceiling-2023-05-21/" target="_blank" rel="noopener">warnings</a> from treasury secretary Janet Yellen and the Congressional Budget Office. Biden, however, presented an unyielding front, asserting, &#8220;America has never defaulted on our debt — and it never will.&#8221;</p>



<h2 class="wp-block-heading" id="strong-the-high-stakes-of-fiscal-failure-strong"><strong>The high stakes of fiscal failure</strong></h2>



<p>With the global financial system in the balance, a potential U.S. default could be catastrophic, potentially jeopardizing the dollar&#8217;s reserve currency status. </p>



<p>C-suite executives from 146 major U.S. companies have sounded the alarm, pressing Biden and Congressional leaders to prevent a default that could yield &#8220;disastrous consequences.&#8221;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">146 <a href="https://twitter.com/hashtag/SENIOR?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#SENIOR</a> executives from significant <a href="https://twitter.com/hashtag/American?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#American</a>  corporations have issued an open letter to President <a href="https://twitter.com/hashtag/JoeBiden?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#JoeBiden</a> &amp; legislative leaders pleading with them to act quickly to prevent the U.S. from defaulting on its <a href="https://twitter.com/hashtag/debt?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#debt</a> &#8211;<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://t.co/W4MyDkHAJP" target="_blank">pic.twitter.com/W4MyDkHAJP</a></p>&mdash; Allies Bridge (@AlliesBridge) <a href="https://twitter.com/AlliesBridge/status/1659153231623376898?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 18, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>While Biden continues negotiations with political figures, his message remains clear. There will be no shelter for wealthy tax cheats and crypto traders.</p>



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President Biden sets sights on crypto amidst US debt crisis

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