David Sacks opposes imposing a tax on cryptocurrency transactions to supplement the US Strategic Bitcoin Reserve

BlockBeats News, March 9th. According to a report by Cointelegraph, during a recent "All In Podcast" episode, the host proposed a "0.01% tax on each cryptocurrency transaction, based on the valuation of the asset being transferred, purchased, or sold." David Sacks, the White House Cryptocurrency and AI Lead, responded by saying, "Such taxes often start moderately but gradually expand to a broader scope, similar to how income tax initially targeted a small group, with lawmakers swearing it would never apply to the middle class. A cryptocurrency transaction tax could burden users, and I'm not a big fan of the idea of new taxes, even with promises that it won't heavily impact people."

The recent White House cryptocurrency summit did not mention specific tax policies. However, the Trump administration has expressed support for comprehensive tax reform at the federal level. Trump previously stated, "Abolish the federal income tax and replace it with tariffs on imported goods. In the 19th century, the U.S. government was entirely funded by tariffs, which was a period of almost unparalleled prosperity for America."