In a recent speech at the G7 summit about budget negotiations, President Biden made it clear that he would not agree to any debt deals that protect crypto traders. This statement comes at a time when the cryptocurrency industry is facing increased scrutiny from US regulators. Biden’s remarks highlight his commitment to ensuring a fair and equitable financial system that does not allow for tax evasion or the exploitation of vulnerable Americans.

During his speech, President Biden emphasized the importance of bipartisan agreement in moving forward. He stated that before leaving for the summit trip, he had met with all four congressional leaders and reached a consensus that bipartisan cooperation was essential. This indicates that any debt deal involving cryptocurrencies must receive support from both sides of the political spectrum.

One of the key points made by Biden was the need to prioritize the well-being of the American people. 

He stated, “I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.” 

This statement underscores his commitment to ensuring that the benefits of the financial system are not skewed in favor of a few at the expense of those in need.

Increased Scrutiny of Cryptocurrencies

The President’s remarks also shed light on the growing concern among US regulators regarding cryptocurrencies. With their decentralized nature and potential for anonymity, cryptocurrencies have raised alarm bells in terms of tax evasion and money laundering. Biden’s stance reflects the government’s commitment to implementing stricter regulations to address these concerns and prevent the exploitation of the financial system.

President Biden’s refusal to protect crypto traders in debt deals aligns with his broader vision of a fair and equitable financial system. His focus on cutting spending by over a trillion dollars indicates his determination to prioritize the needs of the American people over the interests of a select few. By not agreeing to debt deals that protect crypto traders, Biden aims to ensure that the financial system operates in a transparent and responsible manner.

In addition to addressing cryptocurrencies, President Biden also expressed his opposition to a $30 billion tax break for the oil industry. He argued that the industry, which made $200 billion last year, does not need such incentives while putting the lives of 21 million Americans at risk. This statement demonstrates his commitment to redirecting resources toward areas that benefit the majority of Americans and address pressing societal challenges.

The European Union (EU) has emerged as a worldwide leader in cryptocurrency regulation, demonstrating its willingness to address concerns about tax evasion and money laundering in the volatile digital currency industry. 

With the recent approval of comprehensive regulations covering crypto assets, including cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), the EU hopes to develop a framework that protects investors while assuring tax compliance.

New Cryptocurrency Regulations

New laws to target individuals who use cryptocurrencies for tax evasion were agreed upon during a meeting of EU economics and finance ministers. The goal is to close current loopholes that allow for tax evasion using crypto assets. 

The EU hopes to decrease the possibility of cryptocurrencies being used as safe havens for tax evasion by adopting stronger restrictions. Swedish Finance Minister Elisabeth Svantesson stressed the significance of these regulations in avoiding the criminal usage of crypto assets.

The European Commission, which is in charge of enforcing EU legislation, applauded the passage of these guidelines, citing the potential to reduce tax evasion. Currently, tax authorities in the EU lack the tools and information needed to adequately monitor revenues from crypto assets. 

Member states have suffered enormous income losses as a result of this lack of control. The new laws seek to correct this by requiring all crypto asset providers (CASPs) based in the EU, regardless of size, to record their clients’ transactions within the union. This reporting obligation will provide tax authorities with critical information about the crypto-related activity.

The EU’s proactive approach to crypto asset regulation puts pressure on other nations, such as the United Kingdom and the United States, to catch up and build comprehensive regulatory frameworks of their own. The EU’s measures are also consistent with the rising worldwide desire for legislative certainty in the cryptocurrency field. 

Regulators must be predictable and consistent in order to encourage prudent development and investment, according to industry participants. As a result, the EU’s pioneering legislation may serve as a model for international attempts to create global norms for crypto companies’ cross-border activity.

Conclusion

The European Union has taken an important step toward regulating cryptocurrencies by establishing extensive guidelines aimed at combating tax evasion and increasing transparency in the blockchain. The EU tries to safeguard investors, prevent tax evasion, and reduce money laundering by eliminating loopholes, implementing reporting duties, and strengthening monitoring. 

These ground-breaking measures establish the EU as a leader in crypto asset regulation, with the potential to influence global norms. 

Ethereum’s price faced a clear weekly rejection from the previous week, rejecting 1741 points for pushing the price lower. Last month it created the new high for 2023 after that a correction was en route from the high left in April until last week’s rejection. 

In addition, Ethereum last Month has taken a major lower high of 2022, which means that the change of trend happened this year for Ethereum, this indicates a Bullish trend for the asset. While not forgetting to mention, the last 3 month period was closed bullish with strong momentum.

Looking ahead, Ethereum faces a major Resistance point at 2150 which is waiting to break and follow the next open point unvisited in the chart. Moreover, the open points are plotted in the chart.

 Another confluence adding to Ethereum is that; All-time high was trading at 4880 points and the price faced a huge correction under 1000 points, so in most cases when a shift happens, the price tends to retrace at equilibrium, in Ethereum case next target is around 2400 point.

Overall, while Ethereum has experienced a setback in the short term, its outlook remains positive. The attached Ethereum chart provides a visual representation of this analysis, showcasing the potential for continued growth in the future.

The analysis has been made through technical analysis, be aware of many indications which affect the Crypto Market. I.e. inflation, USD, and Commodities news. The scenario is given in a Daily time frame.

McDonald’s has teamed up with renowned digital content producer Karen X Cheng for a Lunar New Year ad. A number of cutting-edge technology, including AI and AR, are used in Cheng’s regularly viral works.

The 30-second ad has a QR code call-to-action that leads viewers to more campaign elements and is based on Cheng’s pleasant childhood recollections of the event. NeRF technology is employed in advertising at a time when marketers are beginning to rely heavily on AI.

According to Elizabeth Campbell, senior director of cultural engagement strategy at McDonald’s, the fast food company is hoping the “tech-forward” project will both commemorate the occasion and give back to the Asian American and Pacific Islander community.

This year, McDonald’s made a variety of metaverse experiences available with the goal of bringing the Lunar New Year to everyone. With the use of virtual reality, augmented reality, and 3D animation, users may investigate a variety of activities. Virtual reality zoos, cooking competitions, and classic Chinese games like Weiqi and Mahjong are just a few of the things that everyone may enjoy.

In addition, McDonald’s developed a customizable 3D avatar that lets each user travel the world. Using in-app messaging, users may also send messages to friends and send them photographs. However, viewers may access the metaverse straight away by going to the official McDonald’s website.

Entrepreneur and digital storyteller Karen X Cheng. She has worked on initiatives in many different industries, such as media and technology. She also established Karen X Inc., a company dedicated to creating interactive experiences.

In collaboration with McDonald’s, Karen X Cheng is creating a creative and entertaining metaverse Lunar New Year party. She surely aims to provide additional possibilities for individuals to interact with friends and family throughout the Christmas season and subsequently create memorable memories through the McDonald’s digital world.