White House crypto and AI czar David Sacks rejected a proposed 0.01% tax on cryptocurrency transactions to fund a U.S. strategic Bitcoin reserve.
On the All In podcast, host Jason Calacanis suggested the tax be denominated in the transferred asset. Sacks opposed it, arguing that taxes often start small but expand over time, citing the history of income tax. He called the idea burdensome and warned against new taxes, even if initially minimal.
Crypto investors criticized the proposal, particularly because it would tax transfers between wallets owned by the same person. The recent White House Crypto Summit did not address tax policies, but the Trump administration has expressed interest in broad tax reforms.
