US Cryptocurrency Monetary Policy Reform and Future Outlook

The Trump administration has recently taken a series of measures regarding cryptocurrency policy, drawing widespread attention from the industry. On April 10, 2025, Trump signed a joint resolution from Congress, abolishing the previous requirement for decentralized finance (DeFi) protocols to report relevant information to the IRS. This decision is seen as a positive signal for the crypto industry.

Meanwhile, there are reports that the Trump administration may implement a zero capital gains tax policy for certain domestic Crypto Assets projects in the United States. Although this news has sparked heated discussion in the market, it has not yet received official confirmation. If this policy is implemented, it could provide a significant boost to Crypto innovation in the United States.

Looking back at the evolution of Trump's attitude towards Crypto Assets, it can be observed that he has gradually shifted from an initial critic to an active participant. After launching his personal themed NFT at the end of 2022, Trump began to actively embrace encryption technology. In the 2024 presidential campaign, he became the first candidate to accept Crypto Assets donations and made a series of commitments to promote the development of the Crypto Assets industry.

However, despite the Trump administration's friendly attitude towards the crypto industry, it still faces numerous challenges in implementing specific policies. First, the U.S. Constitution grants the power of taxation 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 bills. Furthermore, the Trump administration currently seems to prefer supporting the crypto industry through an overall improvement of the policy environment rather than directly addressing specific tax policies.

It is worth noting that the recent global financial market turmoil triggered by the United States' tariff policy has also impacted the Crypto Assets market. This situation stands in stark contrast to Trump's previous declaration to make the United States the "world's Crypto Assets capital."

Overall, the Trump administration's orientation on Crypto Assets policy has become clear, but there are still many uncertainties regarding the specific implementation path. In the future, finding a balance between fulfilling campaign promises, protecting voter interests, and adhering to the legal framework will be an important challenge for the Trump administration. At the same time, the Crypto industry also needs to closely monitor policy trends and be prepared for potential changes.