Biden Says He’s Unwilling to Make a Deal With Crypto Traders – Marathon Digital Holdings (NASDAQ:MARA)

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President Joe Biden said Sunday he would not accept a budget deal that favors wealthy tax cheats and cryptocurrency traders over struggling Americans.

What happened: Speaking at the Group of Seven (G7) forum in Japan, Biden said his latest proposed budget included more than $1 trillion in spending cuts, in addition to the $3 trillion dollars of deficit reductions it had previously offered through spending cuts and new revenue.

At a press conference, he called on Republican lawmakers to protect wealthy tax evaders and cryptocurrency traders while putting food aid for nearly a million Americans at risk.

Let’s be clear, I’m not going to accept a deal that protects wealthy tax cheats and crypto traders while jeopardizing food aid for nearly a million Americans, he said.

His warning comes as negotiations over the new budget are underway, with the US government potentially facing a debt default by June 1 if a deal is not reached.

The G7, an intergovernmental political forum made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, provides a platform for multilateral talks and negotiations .

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Why it matters: This comes as Fred Thiel, CEO of Marathon Digital Holdings Inc MARA, warned that the Bidens tax on US Bitcoin BTC/USD miners would likely cause them to move their operations out of the country instead of generating the planned funds.

Price Action: At the time of writing, BTC was trading at $26,648.35, down 1.87% in the last 24 hours, according to Benzinga Pro.

Read more: Bitcoin, Ethereum, Dogecoin drop after Powells Dovish comments: Trader predicts King Crypto to climb to $300,000

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