During his address at the G7 summit on budget negotiations, President Biden made it clear that he has no intention of agreeing to a debt deal that shields cryptocurrency traders. Prior to embarking on the summit trip, Biden had met with all four congressional leaders, and they collectively concluded that progress can only be achieved through a bipartisan agreement.
Biden emphasized his contribution by presenting a proposal that slashes spending by over a trillion dollars. However, he expressed his dissatisfaction with various alternative proposals, deeming them unacceptable. In a video released by Sky News, Biden specifically addressed the issue of crypto, asserting, “I will not support a deal that safeguards wealthy tax evaders and crypto traders at the expense of jeopardizing food assistance.”
BREAKING: President Joe Biden speaking on the final day of the G7 summit
“I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.”https://t.co/q2ATjj9RFh
???? Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/PIf0O5tKXq
— Sky News (@SkyNews) May 21, 2023
Dems Waging War on Crypto
The President’s declaration arrives at a time when US regulators are intensifying their scrutiny of the cryptocurrency landscape. This statement serves as a strong indication that any debt deal enacted will not include protections for crypto investors in the country.
Furthermore, Biden made it clear that he opposes a $30 billion tax exemption for the oil industry. He highlighted their substantial $200 billion earnings from the previous year, questioning the necessity of a $30 billion incentive that places the lives of 21 million Americans at risk.
Biden’s strong stance against a debt deal protecting crypto traders reveals a certain level of hypocrisy. The government has the ability to print money, which in itself can lead to inflation and devalue people’s savings. While Biden expresses concern about the risks associated with crypto and the potential for tax evasion, it is ironic when the traditional financial system also poses its own set of challenges.
Singling out crypto while disregarding the inherent flaws of fiat currency raises questions about consistency and fairness in the government’s approach to financial matters.
