President Biden has taken a strong stance against a debt deal that would protect crypto traders, expressing concerns about potential loopholes and dangers associated with the provision of benefits to bitcoin traders in particular. He emphasized the need for cautious consideration and regulation of the digital currency industry. The US Treasury Department warns of possible consequences if the federal government defaults, which is crucial to preventing a potential default on the repayment of debt by the US government before the deadline. The G7 has acknowledged the increasing significance of cryptocurrencies and has discussed their implications and regulatory challenges during meetings.