Biden said that cryptocurrency owners have a bad influence on everyone else

U.S. President Joe Biden has spoken out against a «crypto-friendly» debt deal, saying that cryptocurrency holders are bad for everyone else.

Speaking at a meeting of the Group of Seven (G7) countries in Japan, Biden announced his own interest in reaching a deal with lawmakers that would avoid the government defaulting on its debt obligations. However, the US president emphasized that the country is not ready for a «crypto-friendly» agreement.

Biden explained that such a treaty would «protect wealthy tax cheats and crypto traders, jeopardizing food aid for Americans.»

In March, the US President presented a budget plan in which he called for a 30% electricity tax for miners and a change in the tax regime of cryptocurrency transactions. This should bring $ 24 billion to the state budget. The head of the mining company Marathon Digital, Fred Thiel, criticized Biden’s plan, saying that it would force the industry to go offshore.

Later, Joe Biden called for the establishment of crypto asset taxation rules, closing loopholes for «wealthy investors.» After that, representatives of the Biden administration stated in a report to Congress that cryptocurrencies pose high risks to ordinary consumers and the US financial system as a whole.