Biden calls out cryptocurrency trading at G7: Tax policies will not make concessions

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Biden's G7 Remarks: Increasing Budget Cuts

Biden pointed out that before coming to the G7, he had met with four congressional leaders to discuss adding an additional $1 trillion in budget cuts on top of the previous $3 trillion deficit reduction plan. He also singled out the unreasonable aspects of the budget that the Republicans were blocking.

He mentioned that the Republicans were demanding cuts to healthcare and education funding, which would result in over 100,000 teachers, aides, and 30,000 law enforcement officers being laid off, while protecting industries like oil and pharmaceuticals which are largely concentrated among the wealthy.

Biden emphasized that he could not accept such an agreement.

Biden's G7 Remarks: Cannot Protect Cryptocurrency Traders

He also stated that he would not protect wealthy tax evaders and cryptocurrency traders in tax policies, putting nearly 1 million Americans' food aid at risk.

The on-site remarks at the G7 were different from the tweet below, as Biden explicitly mentioned tax cheats and crypto traders at the G7.

Let me be clear.

I will not agree to a deal with House Republicans that protects billions in subsidies for Big Oil while putting the health care of 21 million Americans at risk.

Or that protects wealthy tax cheats while putting food assistance at risk for 1 million Americans.

— President Biden (@POTUS) May 21, 2023

What Actions Will Biden Take Post G7?

In reality, Biden only mentioned cryptocurrency once in his 38-minute speech at the G7, but did not specify the measures he would take.

However, on May 10, he tweeted criticizing the unanimous Republican opposition to the White House's 2024 fiscal budget proposal, deliberately blocking the tax loophole bill for crypto investors, and opposing the $15 billion budget related to food safety inspections.

Additionally, the White House recently proposed a "Digital Asset Mining Energy Tax," which would levy a 30% electricity tax on mining companies, emphasizing that this is the responsibility of mining companies towards climate and environment, estimated to bring in $3.5 billion in tax revenue for the government.

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 Mentions "Taiwan" Five Times at G7

When asked about the possibility of increased Chinese military activity around the Taiwan Strait before the Taiwan presidential election in January next year, how will the U.S. respond?

He mentioned that the U.S.-China relationship had changed after the U.S. shot down a suspected CCP spy balloon in February this year, but also believed that the U.S.-China relationship would thaw soon.

Regarding the cross-strait situation, he stated that the U.S. would not dictate to China, but also did not want Taiwan to declare independence on its own. At the same time, he would work to put Taiwan in a position to defend itself. Biden said:

In fact, if China takes unilateral action, all allied countries have the same consensus and will respond to it.

Regarding the risk of U.S. debt, Biden emphasized that default is absolutely not an option, and the negotiations with the Republicans will restart on his return trip to the U.S.

For the latest updates on negotiations between the two parties, please see: US Debt Ceiling Deadlock Unresolved, Powell Says Bank Pressure May Affect Policy Rates