US president Biden hints at crypto regulation in latest speech
US President Joe Biden pointed out the loopholes in the crypto industry at the Bidenomics in Chicago, Illinois, on June 28.
In the first part of his speech, the US president emphasized the country’s infrastructure and the creation of 13.4 million new jobs in the region over the past two years, which according to him, are “more jobs in two years than any president has ever” assembled in the same timeframe.
In addition, President Biden pointed out the flaws of the current federal tax system, saying that he would “make it fair.”
The US president added that, at this point, “fair” means “eliminating loopholes for crypto traders, hedge fund managers.”
It’s important to note that Biden previously stated the US government could be losing roughly $18 billion in cryptocurrency taxes due to loopholes used by the “wealthy crypto investors.” Many in the decentralized industry have questioned Biden’s decision on the latest proposal.
Moreover, the US president added that the number of billionaires in the country has risen, but their tax percentage is still “lower” than “a schoolteacher, a firefighter, or a cop.”
Earlier this month, the co-founder of Gemini, Cameron Winklevoss, warned the Democratic party in the US and criticized the stance taken against crypto companies by the SEC Chair Gary Gensler and Senator Elizabeth Warren.
He pointed out all the young voters that saved the party from getting “crushed.” Winklevoss added that the next election might be harder for the Democrats as the young voters might not be interested in the party.
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