Joe Biden News

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President Joe Biden's upcoming budget proposal includes a few surprises for crypto traders and investors, as it seeks to raise around $24 billion through changes to crypto tax treatment. The proposal includes a crackdown on crypto wash sales, which are not currently subject to the same rules as stocks and bonds under current wash sale rules, and a doubling of the capital gains tax for certain investors.

Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment. The largest token fell as much 2.1% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday. Ether added to losses and smaller coins like Solana and Cardano struggled for traction. A rout in US bank stocks on Thursday stoked concerns that rising borrowing costs are creating a treacherous economic and investing outlook. In New York, the state regulator sued KuCoin, a popular crypto exchange, and in the process claimed in court that second-largest token Ether is a security. The US Securities & Exchange Commission also contends that many cryptocoins are securities, a designation that would potentially make them harder to trade. “The selloff in cryptocurrencies appears to be largely equity-market led,” said John Toro, head of trading at digital-asset exchange Independent Reserve. He added that the wind-down of crypto-friendly bank Silvergate Capital Corp. and President Joe Biden’s proposal for a series of tax increases on investors and top-earning Americans contributed to the downdraft.

Bitcoin, the world's top cryptocurrency, has undergone a significant drop, reaching its lowest value in two months. Ether, the second most valuable cryptocurrency, followed a similar path and also experienced a decrease in value. 

The last 24-48 hours were yet another shocker for the crypto industry with the stock crash of Silicon Valley Bank (SVB). Though not a direct impact on Indian exchanges’ business, but popular crypto tokens trading on these platforms including Bitcoin, Ethereum, XRP, Binance Coin, Doge Coin, Shiba Inu among others crashed between 5-9 percent on March 10.

The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency mining companies that is 30% of the cost of the power they use, as well as eliminating tax-deductible losses associated with crypto token wash-trading, according to a U.S. Department of the Treasury’s document published on 9 March.

President Joe Biden is set to use his first veto over an obscure issue that most Americans aren’t aware of — whether retirement funds should be allowed to consider factors other than financial measures in their investment choices.

The price of the Bitcoin (BTC) briefly slipped below $20,000 for the first time in nearly two months, following the latest budget from United States President Joe Biden and the collapse of "crypto-bank" Silvergate.

A phased-in 30% tax on cryptocurrency mining electricity costs has been proposed by United States president Joe Biden in his administration's 2024 fiscal year budget.

US President Joe Biden has proposed major changes to the tax rules surrounding crypto, but the plan first have to be negotiated and approved by Republican-controlled Congress.

United States President Joe Biden’s upcoming budget proposal for 2024 is set to introduce significant changes to the tax regime for cryptocurrencies. The proposal includes an end to a tax strategy that has been used by crypto-traders, known as tax-loss harvesting. This, as well as a doubling of the capital gains tax rate for investors making at least $1 million.

WASHINGTON—President Biden plans Thursday to outline his annual budget blueprint, laying out recommended funding levels for programs across the federal government and signaling his priorities for fiscal 2024.

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A group of United States lawmakers is reportedly planning to reintroduce legislation to change the reporting requirements for certain taxpayers involved in crypto transactions.

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A former top economic adviser for President Joe Biden has revealed that the administration is pushing to launch a digital dollar in a bid to “crowd out” private cryptocurrencies. 

Minnesota Representative Tom Emmer has introduced legislation in the United States House of Representatives that could limit the Federal Reserve from issuing a central bank digital currency, or CBDC.

FTX founder Sam Bankman-Fried was a major donor to the Democratic Party in the US, but the politicians who received the donations have so far only promised return a fraction of what they got.

United States Federal Reserve Board Vice Chair Lael Brainard has been chosen to be the director of the National Economic Council, making her President Joe Biden’s top economic adviser, according to media reports. In her new position, Brainard will oversee the implementation of the Biden administration’s multibillion-dollar economic agenda, which includes the Bipartisan Infrastructure Law and the CHIPS and Science Act.

A property linked to Sam Bankman-Fried's political spending was pulled off the market by the seller as a sign of "good faith" after being linked to FTX customer funds, the Wall Street Journal reported.

The administration of United States President Joe Biden is continuing to elaborate its National Digital Assets Research and Development Agenda. In a request for information (RFI) dated Jan. 26 and previewed by the Federal Register, the White House Office of Science and Technology Policy (OSTP) invites comments to help it identify agenda priorities. Individuals and organizations may submit comments of no more than ten pages in length by March 23.