No Agreement to Debt Deals that Protects Crypto Traders

[Davidvictorson]

I am assuming that this is the right board to post this because as it may concern crypto traders. Where it is not it should be moved to the appropriate board.

I tried to make sense of the recent speech by President Biden about crypto during the G7 summit 2023. According to him, he mentioned that he won't agree to a debt deal that protects crypto traders ¹. I am a bit lost because I do not fully understand what he meant. Secondly, is there going to be effect on the crypto market or crypto traders? If yes, how so?

1. https://watcher.guru/news/president-biden-says-he-wont-agree-to-a-debt-deal-protecting-crypto-traders

[SamReomo]

I think his main concern was with the regulation thing because it won't be helpful for a government if a currency or currencies aren't regulated in their jurisdictions. No government would accept such deals because they find it as a threat to their own beloved fiat currency, and they think it can be lethal for their own printed money.

It can also be a sign that the American government is planning to increase the regulations on the crypto-currencies and for that reason the government might make its policies more strict when it comes to cryptos. And, if that holds true then that might impact the market negatively because many American holders would face some panic attacks, and some of them might bulk sell their holdings.

[safar1980]

The White House also recently released a report that suggested crypto did not have any value – other than for price speculation. Crypto experts criticised the Biden Administration as missing the point and noted that the US could be overtaken by jurisdictions that continue to embrace clarity in crypto regulation.
As Invezz reported last week, Ripple CEO Brad Garlinghouse says the US is marking crypto rules as “confusing as possible.”

This means that there will be fewer cryptocurrency projects and exchanges in the US.

[DeathAngel]

Ahh whatever, did anybody really expect them to speak kindly about or help crypto investors? They’re just trying to protect the big institutions & rich people. We are on our own, they don’t care about us.

I think they will raise the debt ceiling at the last chance, they do not want to send the US into a disastrous recession, not with an election year coming soon.

[logfiles]

What would you expect from someone who says that wealthy crypto traders/investors are tax evaders? Or someone whose administration is planning to impose a 30% tax on crypto mining?

To me, Totally nothing except only the negative side!

Bitcoin or crypto traders will be OK. They don't need Biden's approval in order to thrive. For example, I have been trading on crypto for some years now, and I don't expect or need any support from my Government.

[adaseb]

He basically thinks that crypto traders have made trillions and have billions in unpaid taxes and that is why the us economy might go bankrupt and default on its debt.

He clearly doesn’t know how crypto works and there is also crypto outside of the USA. The issue with the debt deal is they need to massively cut spending. Especially on the military and focus less on issues such as climate change which aren’t that important in the near future.

Either way the debt ceiling will get raised and this will be resolved like 17 times prior.

[SquirrelJulietGarden]

I tried to make sense of the recent speech by President Biden about crypto during the G7 summit 2023. According to him, he mentioned that he won't agree to a debt deal that protects crypto traders ¹. I am a bit lost because I do not fully understand what he meant. Secondly, is there going to be effect on the crypto market or crypto traders? If yes, how so?

1. https://watcher.guru/news/president-biden-says-he-wont-agree-to-a-debt-deal-protecting-crypto-traders

He, the USA. President, did not provide enough backing reasons for his statement. Why will the debt deal be helpful for cryptocurrency traders only or mainly?

Why do they want to charge higher tax on cryptocurrency users, investors, traders than people who use cash or invest, trade with other things?

Mr. Biden is like Chair Gensler, they are Democrats and happily to attack cryptocurrency in recent months. Previously they were supporters of cryptocurrency and received money from FTX exchange that was bankrupted. After FTX fiasco, they turned their attitude toward cryptocurrency so do you think it is coincidence from their changes?

[Silberman]

I am assuming that this is the right board to post this because as it may concern crypto traders. Where it is not it should be moved to the appropriate board.

I tried to make sense of the recent speech by President Biden about crypto during the G7 summit 2023. According to him, he mentioned that he won't agree to a debt deal that protects crypto traders ¹. I am a bit lost because I do not fully understand what he meant. Secondly, is there going to be effect on the crypto market or crypto traders? If yes, how so?

1. https://watcher.guru/news/president-biden-says-he-wont-agree-to-a-debt-deal-protecting-crypto-traders

Do not expect any kind of clarity to come from Biden and his administration, it is obvious they do not like this market and instead of making the regulations as clear as possible they will pass a regulation which can be interpreted in any way they want, making anyone that wants to deal with cryptocurrencies on their territory a potential criminal and tax evader, so businesses and rational people will do the only thing they can do under those circumstances, which is to leave the US and establish themselves at other countries.

[ancafe]

I tried to make sense of the recent speech by President Biden about crypto during the G7 summit 2023. According to him, he mentioned that he won't agree to a debt deal that protects crypto traders ¹. I am a bit lost because I do not fully understand what he meant. Secondly, is there going to be effect on the crypto market or crypto traders? If yes, how so?

So what can one expect from their policies for crypto growth and so far is there any connection between them and us who have been involved in crypto. I don't even need the approval of the president of my country to get involved in trade nor do I understand why they care so much, they are only ambitious to protect the rich and institutions but not for much better policies for the grassroots. My assumption is that he thinks crypto traders make more money in general for everyone involved and they also think a lot of people try to avoid taxes for profits. That's why he started talking more about crypto protection, when his ultimate target was just taxes.

Interest rates will continue to increase and the US will always talk about the economic crisis as the reason and if I'm not mistaken the military sector is also an institution that spends a lot of money on support so they need to increase interest rates, this only talks about one sector and how other sectors exist in the United States.

[passwordnow]

IIRC, when he just landed the seat as POTUS he has already mentioned that he's gonna tackle related to crypto matters. But how many years have passed and I don't think that there's seriousness with his thing towards crypto? Needless to say, it's just better to look at the take of the SEC instead of him against the regulation that they've been implementing for most of the exchanges in their jurisdiction.
While their regulatory body is certainly too tough on these companies, it's not surprising that he's not even interested or has got to say deep about this topic.

[Aanuoluwatofunmi]

According to him, he mentioned that he won't agree to a debt deal that protects crypto traders ¹. I am a bit lost because I do not fully understand what he meant. Secondly, is there going to be effect on the crypto market or crypto traders? If yes, how so?

Cryptocurrency trading cannot be compared to any other form of economy trades because it's a network that is believed to be well secured with the block technology, cryptocurrency traders are independent while the economy of businesses with other assets are dependent on the market supply and demand with how inflation rate is dealing with their performance, that's why you could see some government kicking against cryptocurrency while the intending participants are encouraging the use of bitcoin for profitability, becau you won't be in debt with cryptocurrency and they (government) can't be a major role player in this.