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Chair Patrick McHenry of the US House of Representatives’ Financial Services Committee affirms his commitment to regulate stablecoins. He steers two digital asset bills targeted at stablecoin regulation, and bringing clarity to the role between the CFTC and SEC. McHenry highlights potential bipartisan support and the global influence of dollar-denominated stablecoins, emphasizing complex power dynamics beyond the digital asset scope.

“Recently, the crypto market experienced a significant ripple due to new proposed crypto tax reporting regulations by President Joe Biden. Critics argue these regulations could stifle innovation and make crypto firms reluctant to operate within the United States.”

Digital assets are becoming a significant topic in the 2024 U.S. presidential election, with Florida Gov. Ron DeSantis championing a pro-crypto stance while critics accuse the Biden administration of hindering crypto growth and advocating for CBDCs. The debate’s potential influence on the election is still uncertain.

At the recent G7 Forum conference, US President Joe Biden criticized wealthy tax cheats and crypto traders, expressing his opposition to pro-crypto deals in ongoing budget negotiations. This clash on cryptocurrency regulation highlights discrepancies that could significantly impact the industry’s future landscape, with both sides seeking to reach a resolution.

U.S. President Joe Biden criticized wealthy tax cheats and crypto traders at the G7 forum in Japan, while discussing budget negotiations and the risk of debt default. His administration aims to modernize rules for digital assets and ensure a fair financial ecosystem without compromising innovation.

During the G7 talks, President Joe Biden declared the proposed budget terms as “unacceptable,” arguing that protecting tax-loss harvesting strategies for crypto traders risks food assistance for Americans. This controversy highlights the growing divide between the White House and Republican leaders, with ongoing negotiations surrounding US debt crisis and tax-related loopholes putting the country’s financial future in debate.

At the G7 summit, President Joe Biden opposed a debt ceiling agreement allegedly favoring crypto traders through tax-loss harvesting, calling the terms “unacceptable.” The controversy highlights the need for a comprehensive regulatory framework addressing traditional finance and emerging technologies like blockchain and digital assets.

During the G7 summit, President Biden criticized a debt deal for protecting wealthy tax cheats and crypto traders, while US Treasury Secretary Janet Yellen warned of catastrophic consequences if an agreement isn’t reached. This highlights ongoing tensions between supporting the expanding crypto market and ensuring fair responsibility, as the US debt ceiling deadline approaches and the future of crypto regulation remains uncertain.

Sen. Cynthia Lummis addressed concerns over President Biden’s proposed 30% excise tax on Bitcoin miners, stating it could negatively impact both Bitcoin mining and national security. Although lawmakers remain skeptical due to criminal activity associations, Lummis emphasizes the importance of promoting Bitcoin mining in the US for energy security and potential environmental advantages.

President Joe Biden nominates economist Philip Jefferson and former chief economist Adriana Kugler for critical roles in the Federal Reserve, impacting the U.S. government’s approach to cryptocurrencies, blockchain technology, and the potential introduction of a central bank digital currency (CBDC).

President Joe Biden recently called for an end to alleged tax loopholes assisting wealthy crypto investors, without providing specifics regarding such loopholes or reforms. The crypto community responded skeptically, highlighting the smaller size of the crypto market and questioning the existence of these loopholes. Speculations suggest possible connection to the IRS wash sale rule.

As President Biden proposes tax code updates for crypto assets in his fiscal year 2024 budget, critics argue that the U.S. should support the growing technological and financial revolution of cryptocurrency. Meanwhile, concerns over unclear regulatory guidance and a proposed 30% excise tax on crypto miners’ energy consumption intensify the debate on cryptocurrency regulation and innovation support.

President Biden proposed the Digital Asset Mining Excise (DAME) tax, targeting crypto mining energy consumption and the tax treatment of digital assets alongside critiquing “wealthy crypto investors.” The ongoing debate surrounding digital assets will continue shaping cryptocurrency market regulations and future.

Robert F. Kennedy Jr. warns of an impending economic “mega-crisis,” calling for urgent attention to rebuild the economy as job openings plummet and inflation hits the middle and working class. Kennedy criticizes President Biden’s proposed Digital Asset Mining Energy (DAME) excise tax, asserting the importance of cryptocurrencies in driving innovation and maintaining financial freedom.

“According to Grayscale, presidential candidates Joe Biden and Donald Trump might support the development of central bank digital currency (CBDC), despite their unclear stance on Bitcoin. Other candidates have expressed both support for cryptocurrencies and opposition to CBDCs. Amidst this, regulatory uncertainty tests the resilience of crypto firms and generates various views about the future of cryptocurrencies.”

President Joe Biden and House Representative Kevin McCarthy reached a tentative debt ceiling deal that, if passed, would block the proposed 30% tax on crypto miner’s electricity bills. Critics argue the blocked tax denies encouragement for sustainable energy practices in the crypto mining industry, while proponents view it as a victory for maintaining competitiveness.

US President Joe Biden and House Representative Kevin McCarthy have reached a tentative agreement to raise the $3.4 trillion debt ceiling, potentially preventing a catastrophic default that could devastate the economy. However, the deal still requires approval from a divided Congress before June 5.

US President Joe Biden and Republican leader Kevin McCarthy are finalizing a deal to raise the $31.4 trillion debt ceiling, while core PCE inflation hits 4.7%, impacting interest rates and causing Bitcoin price drop. The debt ceiling deal and inflation data reveal the complex relationship between traditional finance and the cryptocurrency market.