Donald Trump Expected to Cut U.S. Cryptocurrency Taxes

Since the beginning of the 2024 U.S. presidential election campaign, President Donald Trump has had a complete turnaround regarding cryptocurrency. Recently, he suggested that capital gains tax may not be applied to cryptocurrency in the U.S. As Bitcoin approaches its all-time high price, investors are turning towards U.S. Tokens. But is this a serious policy plan?

Cut Electronic Tax Reduction

In 2019, Trump criticized Bitcoin. Now, he positions himself as a leader supporting cryptocurrency, wanting to make the United States a center for blockchain innovation. The promise to eliminate capital gains tax on cryptocurrency has sparked much debate, but it is not an official policy.

Feasible or Not?

Trump cannot make this change on his own; it requires approval from Congress. Even when the Republican party is in power, not everyone agrees. Many lawmakers are concerned about losing revenue from cryptocurrency taxes, which bring billions of dollars to the federal budget.

Political Significance

Another challenge is the lack of clarity regarding the concept of “U.S. cryptocurrency”. This depends on where the company is based, where the blockchain is stored, or the nationality of the developers. The absence of a clear definition can make regulation difficult to implement.

Trusted Expert?

Some tax experts believe there is a 40–50% chance that the plan will proceed, which may only apply to long-term gains on cryptocurrencies.

Real Objective

Trump’s plan is not just about taxes. It also aims to attract money and innovation to the U.S., competing with China’s digital currency, using cryptocurrency policy as a powerful political tool. However, for now, it’s just an idea.

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