Crypto Tax Loopholes Are Attributed to Republican Lawmakers by Biden

President Joe Biden accused Republican lawmakers of defending wealthy crypto investors by focusing on food safety instead of addressing tax loopholes for crypto investors. In a tweet, President Biden contrasted his administration’s goal of eliminating “tax loopholes that helped wealthy crypto investors,” amounting to $18bn, with “MAGA Republicans” who think Congress should cut food safety inspections, which amount to $15bn. The Biden administration has been targeting the crypto industry, including recently proposing a “DAME tax,” where crypto mining would be taxed 30% to counter its environmental effect. The White House also claimed in its recent 2023 economic report that crypto assets “have no fundamental value” and do not serve as an effective medium of exchange against the US dollar. Critics of Biden’s tweet cited the small size of the crypto market and growing corporate profits, and argued about the safety inspection standards. The crypto community has generally opposed the proposed changes.