President Biden Refuses Debt Deal Friendly to Crypto Traders

The protections for crypto investors revolve around tax loss harvesting. This is a process whereby an asset is sold at a loss and repurchased again instantly so that it doesn’t leave the investor’s portfolio, but there is diminished profit on the purchase. This will enable a reduction in taxes due as capital gains are offset.

The two sides of the political divide in America cannot come to an agreement on negotiations over the federal budget and the debt ceiling. Without a new budget deal, the U.S. could run out of cash as soon as next month as thePresident Biden took a swipe at “wealthy crypto investors” earlier this month as he plans to close tax loopholes.

Americans and the crypto industry remains hopeful that a more industry-friendly administration and President are elected when the country votes in the November 2024 general election. Until then, the war on crypto will likely continue, as will the exodus of talent and innovation to friendlier overseas jurisdictions.on crypto miners which could further fuel the ongoing exodus.

There is a ray of hope, however. At the Miami Bitcoin conference last week, Presidential Candidate Robert F. Kennedy pledged hisCrypto markets have fallen into the red during the Monday morning Asian trading session. As a result, total capitalization has lost 1.7% in a fall to $1.16 trillion at the time of writing.

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