US President Says He Won’t Accept Debt Deal That Protects Crypto Traders

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At the G7 nations summit, President Joe Biden said that before leaving for the trip, he had met with all four congressional leaders and reached an agreement that the only way to go from before was to go through a bipartisan agreement. Biden said what Republicans are proposing is unacceptable. Targeting crypto, Biden said he would not agree to a debt deal that protects wealthy tax cheats and crypto traders while jeopardizing food aid for a million Americans.

The US government has until June 1 to reach an agreement

The US government has until June 1 to reach a debt ceiling agreement or face default. Earlier, US Treasury Secretary Janet Yellen warned that failure by the government to reach an agreement would send a catastrophic wave through the US and global economy. Some of the effects of the US defaulting on its debt would be millions in job losses, delays in pension payments and a crash in US stock markets.

However, bitcoin price is expected to rise if the unlikely event of a US debt default occurs. Bloomberg’s latest Markets Live Pulse survey picked gold, US Treasuries and Bitcoin as the top three assets that would be a safe haven if the US fails to raise its debt ceiling and make default on their debt.

US President continues to target crypto investors

This isn’t the first time Joe Biden has targeted crypto investors to reject Republican budget proposals. Earlier, Joe Biden tweeted that they are voting against tax loopholes that generate $18 billion for wealthy crypto investors.

Jai Pratap is a crypto and blockchain enthusiast with over three years of experience working with different major media houses. His current role at CoinGape includes creating high-impact web stories, breaking news coverage, and writing editorials. When he’s not working, you’ll find him reading Russian literature or watching a Swedish movie.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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