US President Joe Biden criticized "wealthy tax cheats and crypto traders" as undeserving beneficiaries of Republican lawmakers during the G7 forum in Japan, as negotiations continue for a new budget. Biden stated that he would not agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for Americans.

His $6.9 billion budget plan highlights the need to "modernize rules, including those for digital assets" and apply the same rules to crypto assets as traditional investments. Meanwhile, the White House has pushed for a 30% excise tax on electricity used for cryptocurrency mining. Negotiations will resume to avoid a potential default on US debt payments on June 1.