A bipartisan ethics proposal pitched to US President Donald Trump as part of landmark cryptocurrency legislation could trigger a significant tax benefit for him, Bloomberg News reported.
The potential tax benefit for Donald Trump includes the ability to defer capital gains levies on his crypto holdings, according to Bloomberg News citing people familiar with the matter.
The ethics provision is part of an addendum to the crypto bill, currently being negotiated between the White House and lawmakers. The text has not been released publicly and includes a requirement for the president to divest from crypto-related businesses, Bloomberg News reported.
Key Senate Democrats have conditioned their support for the bill on a strong ethics provision addressing the ability of political figures, including Trump, to profit from personal crypto ventures.
The legislation, known as the Clarity Act, aims to clarify the jurisdiction of financial regulators over the crypto sector to potentially boost digital asset adoption. Donald Trump is reportedly reviewing the ethics language in an effort to pass the legislation, which could result in the aforementioned tax benefit.
Reported income for Donald Trump from his family's crypto ventures last year, according to June reports.
The White House did not immediately respond to a Reuters request for comment on the Bloomberg News report.
