The Trump Administration's Shift in Attitude Towards Crypto Assets Policy and Its Impact

Recently, the Crypto Assets sector in the United States has witnessed a series of significant changes. President Trump signed a joint resolution of Congress on April 10, 2025, which repealed the previous requirement for decentralized finance (DeFi) protocols to report relevant information to the IRS. This move marks a significant shift in the Trump administration's regulatory stance towards the Crypto Assets industry.

Meanwhile, there are rumors that the Trump administration may implement a zero capital gains tax policy for certain domestic crypto projects in the United States. This news has sparked widespread attention and discussion in the market. However, as of now, this rumor has not been officially confirmed.

Looking back at the evolution of Trump's attitude towards Crypto Assets, we can see a clear turning point. Before 2022, Trump publicly criticized Bitcoin, calling it a "scam." However, since the launch of his personal themed NFT project at the end of 2022, his stance on Crypto Assets has changed significantly. During the 2024 presidential campaign, Trump became the first candidate to accept coin donations and proposed a series of commitments to support the development of the Crypto industry.

However, despite the Trump administration's friendly attitude towards the Crypto Assets industry, it still faces many challenges in implementing specific policies. First, the U.S. Constitution grants the power to tax to Congress, and the President does not have the authority to unilaterally adjust tax rates. Second, the political maneuvering between the two parties may hinder the passage of relevant legislation. Furthermore, the Trump administration currently seems more inclined to support the Crypto Assets industry through overall policy adjustments rather than directly addressing the sensitive topic of tax reform.

It is worth noting that while the Trump administration made many attempts at crypto policy, the recent global financial market turmoil triggered by the U.S. tariff policy has also had a negative impact on the Crypto Assets market. Data shows that before Trump announced the suspension of the tariff measures, the total market value of Crypto Assets had once significantly dropped, almost erasing all the gains since Trump's election.

In the face of this complex situation, Crypto Assets investors and industry participants are closely watching the future policy direction of the Trump administration. Although Trump has announced his intention to make the United States the world capital of Crypto Assets, how to achieve this goal in the real political and economic environment remains a challenging issue. In the future, the specific measures taken by the Trump administration regarding Crypto Assets regulation and tax policy will directly affect the development landscape of the Crypto industry in the United States and globally.