President Biden Opposes Debt Default Agreement Benefiting Crypto Traders

Summary:
U.S. President Joe Biden has criticized a debt default agreement that he believes favors tax evaders and cryptocurrency traders. His remarks came at the end of the G7 conference in Japan. The United States is facing challenges in reaching agreements on the federal budget and debt limit. The crypto sector hopes for a more crypto-friendly government and President in the upcoming general election in November 2024. Read full article below.

U.S. President Joe Biden spoke out against a debt default agreement that benefits tax evaders and cryptocurrency traders on the last day of the G7 conference in Japan. The President’s remarks are a rebuke of a bipartisan debt limit deal with Republican leaders, which he claims will help crypto traders.

Tax loss harvesting is at the heart of the safeguards for digital currencies (and stock) investors. The investor sells an asset at a loss and immediately buys it again, keeping the item in their portfolio at the cost of a smaller gain. As a result, you’ll owe less in taxes once capital gains are offset.

Hoping for More Crypto-friendly Government and President

In the United States, negotiators from opposing political parties have been unable to reach an agreement on the federal budget or the debt limit. The United States may soon be unable to pay its bills as the national debt approaches $32 trillion and no new budget agreement has been reached.

Earlier last month, President Biden criticized “wealthy crypto investors” for their efforts to avoid paying taxes. The American people and the cryptocurrency sector continue to hold out hope that a more crypto-friendly government and President will be elected in the next general election in November 2024.

Until then, the fight against cryptocurrency is likely to persist, and innovative minds will continue to seek refuge in more receptive countries.