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- 1 U.S. President Joe Biden made a suggestion that Republican lawmakers were standing up for affluent crypto investors.
- 2 In order to counteract the environmental impact of cryptocurrency mining, the White House also disclosed a 30% tax on it.
Republican leaders, according to U.S. President Joe Biden, are protecting wealthy cryptocurrency investors. He implied that by focusing on food safety rather than eliminating tax loopholes for cryptocurrency investors, they were succeeding in doing this.
In a tweet on May 9, US President Joe Biden predicted that Republican legislators will back wealthy crypto investors. The president tweeted about the budget cuts, which are now a hot topic in Washington.
On Tuesday, U.S. President Joe Biden presented a startling juxtaposition by claiming that “MAGA House Republicans” favor “tax loopholes that help wealthy crypto investors” but oppose food safety inspections.
In support of his proposed budget for fiscal year 2024, which has so far not made much progress due to unified Republican opposition in the U.S. House, Biden posted on Twitter.
The US President Attacks Republicans
President Biden was discussing the $18 billion in “tax loopholes that helped wealthy crypto investors” that his administration wished to close. In comparison, he noted that “MAGA Republicans think Congress should cut food safety inspections,” which cost $15 billion.
Biden and his officials are once again attacking the cryptocurrency business, which they believe needs some restrictions. Recently, the government spoke out against cryptocurrency mining, claiming that it is bad for the ecology.
The crypto community has typically been angered by the U.S. government’s present policies. They consider the suggested changes to be unjust. Unsurprisingly, the message sparked a contentious discussion on social media for cryptocurrency.
Crypto Crowd Slams Tweet
The tweet has drawn criticism from some well-known members of the crypto community. According to market expert FatMan, the “crypto market is both much smaller & fell heavily.” He also mentioned the projected $11.8 trillion increase in corporate earnings by 2022. David Lawant, the head of research at FalconX, emphasized that only 17% of American adults have bought cryptocurrency.
Others questioned the flaws and stated that those who were affected by the outdated financial systems were the ones who had invested in cryptocurrencies. The safety inspection standards were questioned by Pierre Rochard, VP of Research at Riot Platforms.
Earlier this month, Biden gained notoriety for putting out the “DAME TAX,” a tax plan targeted exclusively at cryptocurrency miners. The plan calls for a 30% levy on cryptocurrency mining to offset its environmental impact.
Also arguing that cryptocurrencies “have no fundamental value” is the White House in its 2023 economic assessment. According to the analysis, cryptocurrency is ineffective as a medium of trade when compared to the dollar.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
