Thomas Daniels
On social media, there is growing conjecture that President Donald Trump would suggest doing away with capital gains taxes on the sale of cryptocurrencies. Although there has been no formal confirmation, several rumors indicate that an announcement could be made as early as Friday.
Although cryptocurrency investors are enthusiastic about the notion, legal experts stress that congressional permission would be necessary for such a move. Renowned cryptocurrency expert Adam Cochran denied the rumors, stating on X (previously Twitter) that the President does not have the power to change the tax code unilaterally.
“The tax code cannot be altered by the president acting alone. “Only Congress can,” said Cochran. “It is one of the few Congressional powers expressly laid out in the Constitution.” In addition, he mocked the idea of an executive order that would abolish capital gains taxes, comparing it to proclaiming oneself a cupcake.
His comments draw attention to a significant facet of American governance: Congress, not the President, sets tax policy. Although a president can influence regulatory policy and advocate for tax improvements, both the House and the Senate would need to approve significant changes, like doing away with capital gains taxes on cryptocurrency.
