Joe Biden lashes out at crypto traders

While negotiating the US debt ceiling, President Biden lumps crypto traders and "rich tax cheats" together.

Democrats and Republicans in the US have not yet been able to reach an agreement on raising the debt ceiling. This threatens to bankrupt the country as early as June 1. Now US President Joe Biden has stressed in his closing address at the G7 summit in Japan that he will not agree to a deal that favors "rich tax cheats" and "crypto traders."

The Republicans must therefore accept that there will not be a joint agreement that "meets only their conditions," Biden said. In doing so, the president expressed his displeasure with Republican plans to include tax relief for the oil and pharmaceutical industries in any deal.

Meanwhile, in his new national budget, Biden wants to "push through modernized rules, including for digital assets." With his statements, the U.S. president is maintaining his strict course against the crypto sector. Most recently, he proposed to crypto-mining to be more heavily taxed and close tax loopholes for digital assets.

Meanwhile, in the course of debt ceiling negotiations, Biden reiterated that US bankruptcy is "not an option."