On Tuesday, U.S. President Joe Biden criticized "MAGA House Republicans" for supporting tax loopholes that benefit wealthy crypto investors while opposing food safety inspections. Biden's comments were made in support of his proposed fiscal year 2024 budget, which has faced opposition from Republicans in the U.S. House. Biden's budget plan includes updating tax codes to apply to crypto assets, which he claims would recover $24 billion. The lack of clear regulatory guidance on crypto in the U.S. has led to criticism and increased scrutiny from regulators.