Trump’s Crypto Tax Surprise: Could Capital Gains Vanish Overnight?

Trump’s Possible Crypto tax Change sparks Debate

There’s buzz on X that president Donald Trump might suggest removing capital gains taxes for crypto sales. Some online chatter hints at a possible declaration this Friday.However, there’s no official word yet.

This potential move excites crypto investors. But legal experts and analysts warn of a big obstacle. Such a tax change needs Congress’s okay.

A tweet from Magoo phd claims Eric Trump and David F. Bailey hinted at the plan. They reportedly said there would be no capital gains tax on U.S.-based crypto if held over a year.

But crypto analyst Adam Cochran disagrees.He says the President can’t change tax laws alone. “Only Congress can change the tax code,” Cochran tweeted. He even joked that Trump couldn’t declare himself a cupcake by executive order.

This highlights a key point about U.S. governance. While the President can push for tax changes, Congress must approve them. Both the House and Senate need to agree on capital gains tax reforms.