US President Joe Biden warned that he would reject any arrangement that would protect wealthy tax evaders and crypto traders. He was speaking directly to cryptocurrency investors.
US President Joe Biden Targets Crypto!
According to Biden, the Republican plan is unacceptable. In reference to cryptocurrencies, Biden stated that he would not accept a debt agreement that shields affluent tax evaders and crypto traders while endangering a million Americans’ access to food assistance.
US Government Has to Reach an Agreement by June 1
To avoid defaulting, the US government has until June 1 to come to a deal on the debt ceiling. US Treasury Secretary Janet Yellen had earlier issued a warning that failure to strike a deal by the government would have disastrous effects on the US and global economies.
Millions of jobs would be lost, pension payments would be delayed, and US stock markets would plummet if the US went into debt default. However, if the improbable scenario of a US debt default materializes, the price of Bitcoin is anticipated to soar.
It’s Not the First Time Biden Targets Cryptocurrency Investors
Joe Biden has already used crypto investors as a scapegoat for criticizing Republican budget measures. They are voting against tax loopholes that create $18 billion for affluent cryptocurrency investors Joe Biden had earlier tweeted.
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