U.S. President Joe Biden has promised to make the federal tax system fair by eliminating loopholes for crypto traders and hedge fund managers. He aims to “achieve tax code fairness” by “ensuring that the burden is shared by the wealthy, super-wealthy, and large corporations while safeguarding the middle class from any tax increases.”

Biden Wants to Eliminate Tax Loopholes for Crypto Traders

U.S. President Joe Biden talked about taxation for crypto traders during his economic policy speech dubbed “Bidenomics” in Chicago on Wednesday.

“Does anyone here think the federal tax system is fair? Raise your hand,” Biden said, adding:

No matter how much money you make. We’re going to make it fair by eliminating loopholes for crypto traders, hedge fund managers.

“We’re going to get billionaires to pay up a little bit, at least a minimum tax … No billionaire should pay a lower tax rate than a schoolteacher, a firefighter, or a cop,” he emphasized. “That’s the next phase of this fight: making the tax code fair for everyone, making the wealthy and the super-wealthy and big corporations begin to pay their fair share, without raising taxes at all on the middle class.”

Many crypto proponents took to social media to comment on Biden’s speech. Gabor Gurbacs, advisor at investment management firm Vaneck, tweeted:

Reminder: The U.S. added $9 trillion in debt in the past ~3 years. The U.S. doesn’t have a revenue problem. It has a government spending problem. Not sure what President Biden is saying about eliminating tax loopholes for crypto traders. There are few to none.

Ryan Selkis, founder & CEO of crypto analytics firm Messari, wrote: “At 80 years old, President Biden is one of the few people in D.C. who’s lived long enough to read through our 70,000-page tax code. But he’s also losing his marbles and seems confused: there are no ‘crypto trader’ tax loopholes, and his policies are destroying capital gains anyway.”