US president urges closing tax loopholes for “wealthy crypto investors”

Such a decision will bring an additional $18 billion to the US budget

10.05.2023 - 08:25

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What’s new? On May 9, US President Joe Biden called for an end to vague cryptocurrency tax rules. On his Twitter account, he said that “Congress should cut tax loopholes that help wealthy crypto investors.” Such a decision will bring $18 billion to the budget. However, Biden did not specifically state what loopholes existed in the legislation or what reforms will increase fees.

We don’t have to guess what MAGA House Republicans value. They’re telling us. pic.twitter.com/BM6JGMEFeq — President Biden (@POTUS) May 9, 2023

Biden and cryptocurrencies. In March, the president unveiled a budget plan that called for imposing a 30% tax on electricity for miners and changing the tax regime of cryptocurrency transactions that would bring $24 billion to the state budget.

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That same month, the Biden administration said in a report to Congress that cryptocurrencies were not doing their job and posed high risks to ordinary consumers and the US financial system as a whole. White House officials highlighted the shortcomings of crypto assets, stablecoins, PoW-mining, and DeFi, and questioned the feasibility of launching a digital dollar.

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