US President Joe Biden is focusing on crypto investors and stated that he will not support any deal that shields wealthy tax evaders and crypto traders.
During the G7 summit, President Joe Biden mentioned that prior to his departure, he had discussions with all four congressional leaders. They reached a consensus that the only viable path forward is through a bipartisan agreement. Biden expressed his disapproval of the proposals put forth by Republicans, specifically highlighting their lack of acceptability. He emphasized his stance on crypto, stating that he will not support a debt deal that safeguards wealthy tax evaders and crypto traders while endangering food assistance for a million Americans.
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US government deadline: Agreement by June 1st.
The US government must reach an agreement on the debt ceiling by June 1st to avoid a default. US Treasury Secretary Janet Yellen cautioned that a failure to reach an agreement would have devastating consequences for the US and global economy. These consequences include significant job losses, delays in pension payments, and a crash in US stock markets.
In the unlikely event of a US debt default, the price of Bitcoin is predicted to increase significantly. Bloomberg’s recent Markets Live Pulse survey identified Gold, US Treasuries, and Bitcoin as the top three assets that would serve as safe havens if the US fails to raise its debt ceiling and defaults on its debt.
US President targets crypto investors persistently.
Joe Biden has consistently focused on crypto investors, once again dismissing the budget proposals put forth by Republicans. In a tweet, Biden stated that they are voting against tax loopholes that benefit wealthy crypto investors, generating $18 billion.