Biden Targets 'Crypto Loopholes' in Speech Outlining Economic Vision

BeInCrypto
BeInCrypto

30 Jun 2023 3:04 PM

In a speech outlining his economic vision, President Biden took aim at tax loopholes for crypto traders in an attempt to make America fairer....

  • President Joe Biden announced his plan to close loopholes for crypto traders, hedge fund managers, and Big Oil in a speech on the economy.
  • He framed his agenda as one that champions economic fairness and the American Dream.
  • Biden aims to make the tax code fair for everyone and ensure the wealthy and big corporations pay their fair share.
  • The specific changes to the taxation of crypto trading were not elaborated on, but it is likely that Biden wants to align it with other securities.
  • The Biden administration has been critical of crypto mining due to its high energy consumption and negative effects on the environment and electricity grids.
  • Biden previously blamed tax loopholes for crypto traders on wealthy Republican backers, claiming it resulted in $18 billion in lost revenue.

The sentiment of the article is mostly negative towards crypto trading and mining, as the Biden administration aims to close loopholes and impose taxes to ensure economic fairness and address environmental concerns.

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