The upcoming crypto summit hosted by President Trump will not address taxes, focusing instead on feedback from industry leaders and rolling back damaging policies. Bitcoin will receive unique treatment on the federal balance sheet with an aim to hold it long-term. The event supports Trump’s executive order for a BTC reserve, designed not to burden taxpayers.
A senior White House official announced that President Trump’s upcoming crypto summit on March 7 will not address tax issues. Instead, the focus will shift to reversing policies implemented by the Biden administration that have been detrimental to the crypto industry. The official remarked, “There’s not going to be anything on taxes. You know, the crypto internet is rife with rumors.”
The event aims to gather feedback from industry leaders on regulations, aligning with Trump’s commitment to dismantle Operation Chokepoint 2.0, which aimed at limiting the services available to cryptocurrency firms under the previous regime. The senior official emphasized, “The President promised during the campaign to have a crypto council. He wanted to take in advice and feedback from the industry.”
Further, it was confirmed that Bitcoin (BTC) will receive unique consideration on the government’s balance sheet, following Trump’s executive order on March 6 that established a BTC reserve. The government plans to retain this Bitcoin for the long term, avoiding past mistakes of ill-timed BTC sales that cost taxpayers billions.
The executive order specifies that Bitcoin will not be liquidated, enabling the Secretaries of Treasury and Commerce to devise budget-neutral methods for accumulating more Bitcoin. The official reiterated, “So it won’t cost the taxpayer a dime.” This approach sets Bitcoin apart from other digital assets owned by the government, which have a focus on responsible management.
As developments unfold, more details about the summit and its implications for cryptocurrency regulation are expected.
In summary, Trump’s crypto summit is set to prioritize regulatory feedback over tax discussions, aiming to reverse previous policies detrimental to the cryptocurrency industry. Bitcoin will receive special treatment as part of a long-term reserve strategy, aimed at accumulating assets in a cost-effective manner for taxpayers. As this story continues to develop, further insights will likely emerge regarding the future of crypto in the Trump administration.
Original Source: cointelegraph.com
