Recent speculation on X suggests that President Donald Trump may propose to abolish capital gains taxes on cryptocurrency sale.
Rumors are roaming online prompt This announcement may come as soon as possible FridayHowever, no official confirmation has been provided.
While the potential policy has increased the enthusiasm among the crypto investors, legal experts and analysts have indicated a significant obstacle – such as a tax change will require Congress’s approval.
Adam Kochran, a famous crypto analyst, Directly addressed Claims on Twitter, pushing back against suggestions, that the trump can apply the policy unilaterally.
“The President cannot change the unilateral tax code. Only the Congress can do, ”Kochran tweeted. “This is one of the few Congress powers clearly determined in the Constitution.”
He mocked the idea of an executive order to eliminate capital gains taxes, sarcastically compared it to declare himself a cupcake.
His argument underlines a fundamental aspect of American rule: the tax policy is duly by the Congress, not determined by the President. While a president can advocate tax conversion and affect regulatory policy, capital profit tax reforms will require approval from both the House and the Senate.
