The American president Joe Biden slammed the idea to save crypto traders & investors.
The US is a very big market for the crypto sector but the crypto business environment under the US jurisdiction is not smooth. After the bankruptcy & downfall of several crypto firms in 2022, the US regulators showed very strict action against the crypto firms. Under the current situation, the majority of crypto firms are trying to shift their business outside the US.
On 21 May 2023, During the final day of the G7 meeting, US President Joe Biden said that he is not going to support any kind of proposal, which will protect the crypto traders & big tax cheaters.
A popular Chinese crypto blogger noted that earlier this Biden administration announced a 30% tax plan on Bitcoin miners.
The whole news is going to bring a net negative impact on the US crypto market.
Because of this news, Bitcoin (BTC) trade price saw a sudden correction & touched $26,816 but later suddenly recovered to $27,254.
These types of statements by the US president will surely bring a very big negative impact on the crypto-hater politicians in the upcoming 2024 US presidential election.
Recently US Republican presidential candidate Vivek Ramaswamy & US Democratic candidate Robert F. Kennedy Jr confirmed that they will accept donations in Bitcoin.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.