President Biden Rejects a Debt Deal That Would Benefit Cryptocurrency Traders

The President himself is the latest American figure to join the anti-crypto rhetoric that has been circulating for some time.

The United States President, Joe Biden, spoke on the final day of the G7 summit in Japan about current debt default talks and said he would not accept a deal that benefits tax evaders and cryptocurrency dealers.

The remarks oppose a bipartisan debt ceiling deal with Republican leaders, which the president claims would be advantageous for crypto traders among other groups.

Biden Has No Love for Cryptocurrency
Tax loss harvesting is key to investor protections for cryptocurrencies and stocks. The procedure involves selling an item at a loss and then buying it back right away to keep it in the investor’s portfolio, but at a reduced profit. Due to the offset of capital gains, this will allow for a reduction in taxes.

Negotiations over the federal budget and debt ceiling are proving to be a source of contention between the two political camps in America. The national debt is on its way to $32 trillion, which means that if a new budget agreement isn’t reached, the United States may be out of money as early as next month.

In an effort to close tax loopholes, President Biden took a shot at “wealthy crypto investors” earlier this month.
In the general election that will take place in November 2024, Americans and the cryptocurrency sector are still optimistic that a president and government that is more supportive of the sector will be chosen.

The fight against cryptocurrency will probably continue until then, as will the exodus of talent and innovation to friendlier other nations.

The Biden administration has also suggested a 30% energy tax on cryptocurrency miners, which might accelerate the exodus already underway.

However, there is a glimmer of optimism. Robert F. Kennedy, a candidate for president, expressed his support for Bitcoin and the crypto industry in the US last week at the Miami Bitcoin conference.

An Outlook of the Cryptocurrency Market
During the Monday morning Asian trading session, cryptocurrency markets saw a loss. Due to this, total capitalization has decreased by 1.7%, falling to $1.16 trillion as of this writing.

Ethereum fell 1.1% and once more fell below $1,800 as Bitcoin lost over 2% on the day to $26,633.

On a monthly basis, the cryptocurrency markets are still unstable and range-bound after falling from their highs in mid-April 2023 to their present levels.