President Joe Biden of the United States suggested that Republican lawmakers were defending wealthy crypto investors. He implied that they were doing so by focusing on food safety rather than addressing tax loopholes for crypto investors.
In a tweet published on May 9, United States President Joe Biden hinted at Republican lawmakers defending wealthy crypto investors. The president tweeted about the budget cuts, which is a main subject of discussion in Washington.
US President Lets Loose on Republicans
President Biden was talking about his administration’s wishes to eliminate “tax loopholes that helped wealthy crypto investors,” which amounted to $18 billion. He contrasted this with the fact that “MAGA Republicans think Congress should cut food safety inspections,” which amounts to $15 billion.
It’s yet another time that Biden and his officials are taking aim at the crypto market, which they see as requiring some controls. The administration recently came out against crypto mining, stating that it harms the environment.
The current stances of the U.S. government have generally upset the crypto community. They believe that the proposed changes are unfair. Unsurprisingly, the tweet has generated a heated debate in the crypto social media space.
Crypto Community Criticizes Tweet
Several prominent crypto community members have criticized the tweet. Industry analyst FatMan stated that the “crypto market is both much smaller & fell heavily.” He also referred to the growing corporate profits of $11.8 trillion in 2022. FalconX Head of Research David Lawant pointed to the fact that only 17% of U.S. adults had invested in cryptocurrencies.
Others asked what the loopholes are and suggested that it was those who suffered from the legacy financial systems that invested in crypto. Riot Platforms VP of Research Pierre Rochard cast doubt about the safety inspection standards.
Biden Administration Calls for 30% Crypto Mining Tax
Biden made headlines earlier this month for proposing the “DAME TAX,” a tax scheme aimed specifically at crypto miners. Under the proposal, cryptocurrency mining would be taxed 30% in a bid to counter its effect on the environment.
The White House has also made a case that crypto assets “have no fundamental value” in its 2023 economic report. The report stated that crypto does not serve as an effective medium of exchange against the U.S. dollar.
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