Trump’s Pro-Crypto Push: Tax Bill and Digital Asset Strategy – Coincu

President Trump has revealed efforts to pass the “Beautiful Great Act” on taxes amidst his administration’s pro-crypto policy focus. The tax legislation is progressing smoothly, according to congressional updates.

The proposed tax act’s significance lies in averting a potential 68% tax increase, reinforcing Trump’s commitment to an innovation-friendly regulatory environment that includes establishing a strategic Bitcoin reserve.

Trump Proposes Tax Act to Avoid 68% Increase

President Trump is actively working on the “Beautiful Great Act” to prevent a 68% tax increase. The legislation is touted as critical for maintaining a pro-crypto economic climate. Key players in this initiative include Trump’s advisors, like David Sacks and Bo Hines, who are instrumental in steering the policy direction. The White House reports that progress on the tax bill is on track, indicating bipartisan congressional dialogue.

This initiative marks a substantial shift towards embracing digital assets and blockchain technologies. The administration’s creation of a strategic Bitcoin reserve reflects a novel approach among Western governments, underscoring a significant pivot from prior U.S. strategies. This act is expected to bolster investor confidence and potentially attract substantial investments from the digital asset community.

Market reactions to the policy announcement have been largely positive. Bitcoin has witnessed increased trading volumes, and significant figures in the industry have praised the administration’s forward-thinking stance. Notable among them, Howard Lutnick of Cantor Fitzgerald, lauded the administration for embracing blockchain and Bitcoin technology, highlighting the economic benefits of such a strategy.

“We are using the blockchain. We’re using Bitcoin. We are going to use digital assets to pound forward, and Donald Trump is leading the way.” — Donald J. Trump, U.S. President

U.S. Establishes First Federal Bitcoin Reserve

Did you know? The United States historically liquidated digital assets at unattractive prices. Trump’s current move to establish a Bitcoin reserve contrasts sharply, marking a pioneering first for a sitting U.S. administration actively engaging in cryptocurrency accumulation.

Bitcoin’s current price stands at $96,982.59, with a market cap of $1.93 trillion, marking a notable increase over the past 30 days, as reported by CoinMarketCap. Its trading volume reached $30.83 billion in the last 24 hours, up by 3.31%. The cryptocurrency’s market dominance is at 63.59%.

Experts from the Coincu research team indicate that the strategic embrace of Bitcoin by a federal body could herald further regulatory adjustments, potentially leading to increased institutional adoption. Increased transparency and strategic reserves might mitigate volatility and inspire confidence in broader crypto markets.