Biden Firm on Rejecting Debt Deal Protecting Crypto Traders

President Joe Biden opposes a debt ceiling deal proposed by Republicans that would allegedly benefit crypto traders through tax-loss harvesting. The White House has proposed ending the mechanism for cryptocurrency transactions, which would add about $40 billion in tax revenue for the U.S. government. Republicans reject the proposal, claiming the U.S. debt rise is a "spending problem, not a revenue problem." If Congress fails to raise the debt ceiling, the U.S. could default as early as June 1.