Crypto Bill Provision May Help Trump Avoid Millions in Taxes

A proposed ethics provision in the U.S. crypto bill could potentially allow former President Donald Trump to defer millions of dollars in taxes, according to a Bloomberg report.

The provision, known as Section 6035, requires certain individuals and entities with cryptocurrency holdings valued above $10,000 to disclose their assets on tax returns by September 1, 2023. However, it also includes an exception for assets held in retirement accounts or charitable trusts, which could potentially allow Trump to defer taxes on his crypto holdings.

The provision is part of the broader CLARITY Act, a bill aimed at clarifying and standardizing cryptocurrency regulations. The Senate faces a final push for a vote on the bill before its deadline.