In his recent speech at the G7 summit, President Joe Biden clearly announced his rejection of any debt agreement that protects cryptocurrency traders. This comes within the context of broader discussions on budget negotiations and the growing attention towards cryptocurrencies by regulators in the United States.

President Biden reaffirmed his commitment to bilateral agreements and his proposal to reduce spending by over a trillion dollars, while rejecting proposals he considers unacceptable, particularly those that may threaten food assistance programs in order to protect wealthy tax evaders and cryptocurrency traders.

The United States faces significant challenges regarding its budget and the regulation of cryptocurrencies. In this context, President Biden’s decision to reject agreements that protect cryptocurrency traders is significant. In his view, cryptocurrencies pose a new challenge to financial and monetary authorities as they are traded across borders and contribute to money laundering and tax evasion. Consequently, confronting this challenge is crucial for achieving financial stability and ensuring sustainable economic development.