President Biden sets sights on crypto amidst US debt crisis

Unmasking the tensions between crypto traders, wealthy tax evaders, and a potential financial crisis, U.S. president Joe Biden took a firm stance against biased fiscal deals.

In the contested U.S. budget negotiations, an unexpected asset has come under the spotlight: cryptocurrency. 

Following a politically charged G7 meeting in Hiroshima, Japan, U.S. president Joe Biden fired a salvo against crypto traders and affluent tax cheats, refusing any agreement that could jeopardize food assistance for nearly a million Americans.

Biden, embracing his role as the president, announced a proposed spending cut of over a trillion dollars on top of a previous deficit reduction proposal nearing $3 trillion. 

The president also underlined the need for a bipartisan agreement to navigate the murky waters of the debt crisis, a sentiment echoed by all four Congressional leaders.

“I’ve done my part,” Biden declared, and asked the Republicans to retreat from “extreme positions”. The President’s words illustrated the political landscape in the U.S.

Crypto traders in the crosshairs

Crypto traders were, unexpectedly, grouped with wealthy tax cheats in Biden’s barrage against perceived fiscal imbalances. 

Biden’s fierce disapproval of a deal that safeguards these groups while placing food assistance at risk sparked a flurry of reactions on social media. 

Critics questioned the fairness of putting crypto traders and tax cheats in the same category, while others brought attention to the unchecked spending during Biden’s administration.

The clock is ticking: the U.S. default scare

Concerns about the U.S. defaulting on its debt obligations have grown as the deadline draws closer.

If Congress fails to lift or suspend the debt limit by June 1, the U.S. could face an unprecedented default, echoing warnings from treasury secretary Janet Yellen and the Congressional Budget Office. Biden, however, presented an unyielding front, asserting, “America has never defaulted on our debt — and it never will.”

The high stakes of fiscal failure

With the global financial system in the balance, a potential U.S. default could be catastrophic, potentially jeopardizing the dollar’s reserve currency status. 

C-suite executives from 146 major U.S. companies have sounded the alarm, pressing Biden and Congressional leaders to prevent a default that could yield “disastrous consequences.”