President Joe Biden highlighted the shortcomings in the crypto industry during his speech at Bidenomics in Chicago, Illinois, on June 28th.
During the initial portion of his speech, President Joe Biden emphasized the importance of the country’s infrastructure and highlighted the creation of 13.4 million new jobs in the region within the last two years. He noted that this achievement represents a record-breaking number of jobs assembled by any president within a similar timeframe.
Furthermore, President Biden highlighted the shortcomings of the current federal tax system, expressing his intention to make it fairer.
U.S. President Biden said in his speech on Biden’s economics on the 28th: We’re going to make it fair by eliminating loopholes for crypto traders, hedge fund managers. https://t.co/Hf5QLqEBMX pic.twitter.com/D02iDjkMAa
— Wu Blockchain (@WuBlockchain) June 29, 2023
The US president further mentioned that in his perspective, achieving fairness entails removing loopholes for crypto traders and hedge fund managers.
It is worth mentioning that President Biden previously stated that the US government might be missing out on around $18 billion in cryptocurrency taxes because of loopholes exploited by wealthy crypto investors. This latest proposal by the president has raised concerns among those involved in the decentralized industry.
Additionally, President Biden mentioned that while the number of billionaires in the United States has increased, their tax rate is still lower compared to that of a schoolteacher, firefighter, or police officer.
Earlier this month, Cameron Winklevoss, co-founder of Gemini, expressed his concerns and criticism towards the Democratic party in the US. He specifically addressed the stance taken by SEC Chair Gary Gensler and Senator Elizabeth Warren against crypto companies.
He highlighted the significance of young voters who played a crucial role in preventing the party from facing a significant defeat. Winklevoss expressed concern that in the next election, the Democrats may face challenges in garnering the same level of interest and support from young voters.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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