Biden says he won't agree to debt deal that protects crypto traders

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US President Joe Biden has called on the Republican lawmakers to drop the extreme position they currently hold in order to help the country reach a deal in the ongoing debt ceiling talks. He also had something to say about cryptocurrency .

The latest in economic news comes as the US Treasury Department warned the US risks a default as early as 1 June should Congress fail to agree to a debt limit raise.

Biden asks Republicans to help debt ceiling deal

In his speech from Hiroshima, Japan, where he attended the G7 Summit, Biden pointed to the need for a compromise that would see the proposals passed in a Congress that’s finely poised on partisan divisions.

The US president noted that it is time Republicans accepted that a bipartisan deal cannot be struck “solely on their partisan terms.” He noted that GOP lawmakers had to also move for there to be such a deal.

He said that all four US congressional leaders agree with him regarding a default not being an option. However, while he expects these leaders “ to live up to that commitment ,” The POTUS added that he would not accept a deal that protects tax evaders and crypto traders at the expense of key areas of the economy and US citizens’ lives.

Biden to say no to proposals that protect tax cheats and crypto traders

Biden’s comments come after lawmakers failed to agree to a debt-ceiling deal on Friday, with the next week likely to be make or break. But even as the US comes dangerously close to a default, Biden is warning that he is not going to accept proposals that protect crypto traders.

He told reporters:

“I’m not going to agree to a deal that protects wealth tax cheats and crypto traders while putting food assistance at risk for nearly 1 million Americans.”

The observations on crypto come at a time the US has adopted an increasingly aggressive approach to crypto regulation even as industry players point to lack of clear rules and guidelines.

The White House also recently released a report that suggested crypto did not have any value – other than for price speculation. Crypto experts criticised the Biden Administration as missing the point and noted that the US could be overtaken by jurisdictions that continue to embrace clarity in crypto regulation.

As Invezz reported last week, Ripple CEO Brad Garlinghouse says the US is marking crypto rules as “confusing as possible.”

In the remarks, Biden warned he would not agree to a tax break of up to $30 billion for an oil industry that made $200 billion last year. According to him, the industry does not need to be incentivized to such an extent and that going after Medicaid for cuts will put 21 million American lives at risk.

He also talked of the fact that he wouldn’t agree to boost the pharmaceuticals industry with $200 billion and at the same time cut hundreds of thousands of jobs for school teachers and law enforcement officers.

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