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Biden signed the debt ceiling bill into law. Miners celebrate victory

  • He averted a historic default
  • And blocked a draconian tax on crypto-miners

President Biden signed legislation to raise the national debt ceiling. It prevents an unprecedented default on federal government debt. And it also greatly relieves investor nervousness.

The bill, which the U.S. Senate approved Thursday, suspends the U.S. debt limit until Jan. 1, 2025.

“I just signed into law a bipartisan budget deal that prevents the first ever default while reducing the deficit, protecting Social Security and Medicare.”

But the crypto-miggers have another victory tied to this bill. He reverses White House plans to increase tax on bitcoin mining. In March, the Biden administration proposed an excise tax of 30% on the purchase of energy by mining firms. They referred to the “negative side effects” of the cryptocurrency industry. Such a tax is now blocked.

On such news, Riot Platforms shares on Nasdaq are up 8.9% for the week and 14% since May 1. Another U.S. miner, Marathon Digital Holdings, is up 7.1% from last week and 11.5% over the past month.

The threat of default has now been removed before next year’s presidential election.. In addition to limiting the debt ceiling, the law limits non-defense-related spending and expands some requirements for recipients of food stamps.

In addition to limiting the debt ceiling, the law also limits non-defense-related spending and expands some requirements for recipients of food stamps.