Joe Biden Calls For Congress To End 'Tax Loopholes' For Wealthy Crypto Investors, Points To Potential Savings Of $18B

U.S. President Joe Biden on Tuesday called on Congress to slash tax loopholes for wealthy cryptocurrency investors.

What Happened: The message was accompanied by an infographic that claimed such a move would save a significant $18 billion. 

"We think Congress should cut tax loopholes that help wealthy crypto investors," he tweeted.

However, there was no specific information regarding which loopholes Biden was referring to.

Biden stated that Republican opponents had shown themselves to be against cuts in other areas, such as food safety inspections, in order to save $15 billion. "MAGA Republicans think Congress should cut food safety inspections ($15 billion)."

See More: Is Bitcoin a Good Investment?

Why It Matters: This comes on the back of earlier reports that the government could generate $24 billion through crypto tax rules centered on wash trading.

Earlier this month, the Biden administration also proposed a 30% tax on crypto mining, which could target mining companies rather than individual investors.

Crypto mining is the process of creating new units of cryptocurrency by solving complex mathematical equations, and it is essential for the functioning of blockchain networks like Bitcoin BTC/USD and Ethereum ETH/USD.

Price Action: At the time of writing, BTC was trading at $27,708 up 0.27% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of CPI Data: Warren Buffett’s Big Stock Dump ‘Bad Signal’ For King Crypto, Says Analyst