Trump's Crypto Divestment Proposal Could Save Him Millions in Taxes
The Clarity Act, a bipartisan effort to establish a federal framework for cryptocurrency markets, has hit a roadblock over ethics concerns.
A proposed rule requiring President Donald Trump to divest from crypto-related businesses could also give him a significant tax advantage by allowing him to defer capital gains taxes on those holdings for years and potentially avoid some of the liability altogether.
Trump's family has built extensive financial interests in digital assets, including the TRUMP and MELANIA memecoins and the World Liberty Financial crypto venture associated with members of his family. These interests are valued at over $1.4 billion, according to a June report.
The Senate Majority Leader, John Thune, has said that the bill will be taken up when senators return from the August recess in mid-September, leaving lawmakers until then to resolve the ethics dispute and hold together Republican support.