As budget talks get underway in the US, President Joe Biden has made it clear that cryptocurrency can wait.
On Sunday, POTUS addressed budget negotiations during his speech at the G7 summit, saying he would not protect wealthy tax cheaters and crypto traders. According to the President, he had already met with all four Congress leaders and stressed the need for bipartisan cooperation before leaving for the summit.
President Biden proposed more than $2 trillion in spending cuts and new revenue in early March, followed by another $1 trillion in cuts in his pursuit of fiscal responsibility. However, he expressed dissatisfaction with several other proposals, such as additional payments to pharmaceutical companies as well as huge tax exemptions for the oil industry and crypto traders, considering them unacceptable.
“The time has come for the other side to move on from their extreme position because what they have already proposed is clearly unacceptable…. I am not going to agree to a deal that is about 1 Protects wealthy tax cheaters and crypto traders while putting food subsidies for millions of Americans at risk. Biden Said on Sunday.
The statement comes at a time when US regulators are intensifying their scrutiny of the cryptocurrency realm and clearly indicates that the upcoming loan deal will not protect crypto investors within the country. Notably, Biden’s claims also have the potential to undermine his administration’s efforts to advance crypto regulations, as he directed in his March 2022 executive order.
Meanwhile, while Biden’s proposal underscores his commitment to prioritizing the well-being of ordinary Americans, the crypto community views it as a way to gain political mileage, given that he will seek re-election next year. are demanding.
Elsewhere, various US presidential candidates are taking their administration’s outright hostility towards crypto to their advantage, vowing to champion pro-crypto reforms if elected. Earlier this week, Democratic presidential candidate Robert F. Kennedy Jr. said he was committed to upholding the right of people to own bitcoin.
“Everyone is so passionate about bitcoin, not just because it is a currency, but because it is an exercise in democracy,” Kennedy said on Saturday at the Bitcoin 2023 conference in Miami. “As President, I will make sure you have your own wallet that the government cannot interfere with. Nobody is going to tax your electricity at 30% and we can install this product in America where It’s a wealth creator for Americans.
Another presidential candidate Vivek Ramaswamy announced at the same event that he has officially started accepting bitcoin donations for his campaign, saying “Let’s make the 2024 election a referendum on fiat currency.”