Trump could net big tax windfall in crypto bill divestiture plan: Reports
A bipartisan proposal for cryptocurrency legislation could grant President Trump a tax advantage by allowing the deferral of capital gains taxes on his digital asset portfolio. This bill stipulates that the president must separate from crypto-rela...
By Reuters |
ANI
The bipartisan ethics proposal senators have pitched to President Donald Trump to get landmark crypto legislation over the line in Congress could trigger a significant tax benefit for the president, Bloomberg News reported on Thursday.
The benefit will include the ability to defer capital gains levies on his crypto holdings, the report said, citing people familiar with the matter.
The ethics addendum to the crypto bill, which has yet to be released publicly and is still being negotiated between the White House and lawmakers, includes a provision requiring the president to divest from crypto-related businesses, Bloomberg reported.
The White House did not immediately respond to a Reuters request for comment on the report.
In June, Trump reported more than $1.4 billion in income from his family's crypto ventures last year, showing how he now derives most of his income from digital assets that have benefited from his policies.
Dubbed the Clarity Act, the landmark bill aims to clarify financial regulators' jurisdiction over the burgeoning crypto sector, potentially boosting the adoption of digital assets.
Key Senate Democrats had conditioned their support for the long-awaited bill on a strong ethics provision that would address the ability of political figures, including Trump, to profit from personal crypto ventures.
The benefit will include the ability to defer capital gains levies on his crypto holdings, the report said, citing people familiar with the matter.
The ethics addendum to the crypto bill, which has yet to be released publicly and is still being negotiated between the White House and lawmakers, includes a provision requiring the president to divest from crypto-related businesses, Bloomberg reported.
The White House did not immediately respond to a Reuters request for comment on the report.
In June, Trump reported more than $1.4 billion in income from his family's crypto ventures last year, showing how he now derives most of his income from digital assets that have benefited from his policies.
Dubbed the Clarity Act, the landmark bill aims to clarify financial regulators' jurisdiction over the burgeoning crypto sector, potentially boosting the adoption of digital assets.
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Key Senate Democrats had conditioned their support for the long-awaited bill on a strong ethics provision that would address the ability of political figures, including Trump, to profit from personal crypto ventures.
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