Analysis of the Trump Administration's Crypto Assets Monetary Policy Direction

Recently, the U.S. political scene has been very active in the Crypto Assets field. Newly elected President Trump signed a resolution on April 10 to abolish the previous DeFi tax reporting requirements, which is seen as a positive signal for the Crypto Assets industry. Meanwhile, there are rumors that the U.S. may implement a zero capital gains tax policy for certain domestic Crypto Assets projects. These actions have sparked widespread attention and discussion in the industry regarding the cryptocurrency policy direction of the Trump administration.

Looking back at Trump's shift in attitude towards Crypto Assets, we can see a clear turning point. In December 2022, after launching his personal themed NFT and earning considerable profits, his stance changed from critic to participant. In the 2024 presidential campaign, he further played the "Crypto card", becoming the first candidate to accept donations in Crypto Assets. After taking office, Trump demonstrated his supportive attitude towards the Crypto industry through personnel adjustments and policy introductions.

However, despite the market's high expectations for Crypto Assets tax reform, the Trump administration's actual actions in this regard seem relatively cautious. At the White House Crypto Assets Summit on March 7, there was no announcement of large-scale tax reform as anticipated by the outside world. Even the recent move to abolish the DeFi tax reporting rules appears more to be a passive measure rather than an active tax relief policy.

The reasons for this situation are multifaceted. First, the U.S. Constitution stipulates that the power to levy taxes belongs to Congress, and the President does not have the authority to unilaterally adjust tax rates. Secondly, the political games between the two parties create significant resistance to any major reforms. Moreover, the Trump administration currently seems to prefer supporting the Crypto Assets industry through overall policy adjustments rather than touching on legally sensitive areas.

It is worth noting that although the Trump administration has shown a friendly attitude towards the encryption industry, recent tariff policies have triggered market turbulence, leading to a significant decline in the market value of Crypto Assets. This situation highlights the profound impact of macroeconomic policies on the encryption market and has brought new considerations for investors.

Looking ahead, the Trump administration may continue to seek balance in its Crypto Assets policy. On one hand, there is a need to fulfill campaign promises and maintain an image among crypto supporters; on the other hand, it must ensure the legality and feasibility of policies. In this process, how to coordinate various interests and promote the healthy development of the industry will be an important challenge facing the Trump administration.