U.S. President Joe Biden said he’s keen to strike a deal with lawmakers that would avoid his government from defaulting on its debt obligations but that doesn’t mean he’s willing to ink an agreement friendly to “crypto traders.”
“I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk [for Americans],” Biden said during the final day of G7 talks in Japan.
This is not the first time in recent weeks that Biden has chosen to take a shot at cryptocurrency investors amid a looming budget crisis. Less than two weeks ago the president took to Twitter to address closing tax loopholes for “wealthy crypto investors.”
Without a new budget deal the U.S. could run out of cash as soon as June 1.
Crypto has clearly been on the president’s mind as he seeks a bipartisan deal that would avoid a potentially catastrophic default. Biden’s proposed budget for next year suggests changing tax policies related to “wash sales” of digital assets, which would eliminate deductions on losses incurred from selling and quickly repurchasing the same or similar crypto investment.
Biden’s budget has floated a 30% tax on energy used in crypto mining operations.
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