Bitcoin holds above $30,000 despite Biden’s remarks on crypto tax

US President Joe Biden said that the federal tax system will eliminate loopholes for crypto traders. Bitcoin price held above the $30,000 psychological level, undeterred by Biden’s speech. The most famous crypto asset is trading around $30,005 at the time of typing.

The Wall Street Journal has previously reported on Biden’s plan to change crypto tax rules and target wash trading. US President Joe Biden said, earlier this week, that loopholes in crypto taxation will be eliminated for traders and hedge fund managers, adding to previous comments from his administration that point to new taxation rules against crypto wash trading.

President Biden addressed the loopholes in the existing tax system and commented on changes for crypto traders on Wednesday in a speech in Chicago while presenting its economic plan.