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When a press conference was held at the G7 summit, Biden said that the solution proposed by the Republicans was "unacceptable."
He noted that he was not going to agree to a deal protecting wealth tax fraudsters and crypto traders. At the same time, in his opinion, there will be a risk of food aid to almost a million citizens.
Republicans offer protection to cryptocurrency traders in the form of collecting tax losses. According to the Washington Post, the blocking of the mechanism of cryptotransactions is currently being discussed in the White House together with the Republicans.
Collecting tax losses for digital assets refers to a technique used by investors to reduce their total tax liabilities. It involves the sale of digital assets at a loss to compensate for capital gains due to income from cryptocurrencies.
To claim losses, it is necessary to sell assets, and use the proceeds within a month to conduct similar operations.