Speaking on the final day of the G7 summit in Japan, U.S. President Joe Biden emphasized the ongoing issue of debt defaults by saying he will not support a deal that supports tax cheats and crypto traders.
"I will not agree to an agreement that protects rich tax cheats and crypto traders", he said.
The comments were at odds with a bipartisan debt ceiling deal with Republican leaders that the President claimed would benefit crypto traders.
Both sides of the political divide in America have been unable to reach an agreement on negotiations on the federal budget and the debt ceiling. Without a new budget deal, the U.S. could run out of cash as soon as next month as the national debt soars toward $32 trillion.
President Biden blasted "wealthy crypto investors" earlier this month as he plans to close tax loopholes.
Americans and the crypto industry remain hopeful that a more industry-friendly administration and President will be elected when the country votes in the November 2024 general election.
Until then, the war on crypto will likely continue, as will the transfer of talent and innovation to friendlier overseas jurisdictions.
Additionally, the Biden administration has also proposed a 30% energy tax on crypto miners that could drive continued production.
Well, there is still light for crypto supporters. At the Miami Bitcoin conference last week, Presidential Candidate Robert F. Kennedy pledged his support for Bitcoin and the crypto industry in the United States.
The crypto market has fallen to a trading level of $26K with the total capitalization having lost 1.7% on the fall to $1.16 trillion
