President Biden recently spoke about crypto during his speech at the G7 summit about budget negotiations. He stated that before he left for the summit trip, he had met with all four congressional leaders. Biden also stated that they came to an agreement that the only way to move forward is through a bipartisan agreement.
Additionally, he stressed that he has done his part by laying down a proposal that cuts spending by over a trillion dollars. Speaking of other proposals, Biden stated that many of them are quite unacceptable. According to the video let out by Sky News, Biden spoke about crypto, stating: “I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.”
President Biden won’t agree to a debt deal protecting crypto traders
The statement from Biden comes at a time when there is increased scrutiny of the cryptocurrency realm by US regulators. The statement is a clear indication that there won’t be a debt deal that protects crypto investors in the country.
Additionally, he also said that he wouldn’t agree to a $30 billion tax break for the oil industry. He spoke about the $200 billion that they made last year, stating that they don’t need the $30 billion incentive while putting the lives of 21 million Americans at risk.