Watchdog Warns Crypto Bill Could Be Major Tax Giveaway to Ultrarich—Including Trump Family
“The cryptocurrency industry has facilitated the Trump family’s corruption at every turn. Lawmakers should be wary of creating new tax loopholes to benefit the Trump family and their donors in the crypto industry."
A government watchdog is warning that new cryptocurrency policies being considered in the House of Representatives would be a major boon to the ultrawealthy, including President Donald Trump's family.
In an analysis published on Monday, the Revolving Door Project (RDP) highlighted new crypto-related tax bills being discussed in the House Ways and Means Committee, including one that "would create a functional subsidy for cryptocurrency firms by allowing them to defer taxes owed on their mined coins indefinitely and without interest, so long as the firms do not sell the coins."
This would allow coin owners to raise money by borrowing against these assets without having paid a cent of taxes on them, the analysis explains, which could be particularly beneficial for Trump's two eldest sons.
"Eric and Donald Trump Jr. reportedly hold a 20% stake in the bitcoin mining firm American Bitcoin, which mined 817 bitcoin in Q1 of 2026 alone," RDP writes. "At current prices, this represents a value of more than $50 million, while the company has stated that it already intends to hold assets it mines. If passed, this loophole could mean millions of dollars in taxes owed by the Trump sons’ firm could be deferred endlessly."
RDP also published a list of crypto donations to lawmakers on the House Ways and Means Committee. Rep. Steven Horsford (D-Nev.) has received nearly $2 million in support from the industry since 2023, more than any other committee member.
Other top recipients of crypto cash include Reps. Tom Suozzi (D-NY), Jimmy Gomez (D-Calif.), Adrian Smith (R-Neb.), and Jason Smith (R-Mo.), chairman of the committee.
Jeff Hauser, executive director of RDP, said that the bills currently under consideration in the House are essentially a return on the crypto industry's investment in political campaigns.
"The cryptocurrency industry believes it is owed massive tax loopholes and functional subsidies," said Hauser, "because it has bought the president, paid for his ballroom project, and has funded dozens of congressional campaigns. The lack of campaign finance reform is the principal reason that the ludicrously corrupt Trump family is set to enjoy yet another tax loophole to exploit."
Timi Iwayemi, assistant director at RDP, said that "the cryptocurrency industry has facilitated the Trump family's corruption at every turn," while warning members of Congress against doing the industry's bidding.
"Lawmakers should be wary of creating new tax loopholes to benefit the Trump family and their donors in the crypto industry," said Iwayemi. "Rewarding this behavior will embolden the crypto industry and other corporate lobbies eager to seize on our elected representatives’ prioritization of donor interests at public expense."
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A government watchdog is warning that new cryptocurrency policies being considered in the House of Representatives would be a major boon to the ultrawealthy, including President Donald Trump's family.
In an analysis published on Monday, the Revolving Door Project (RDP) highlighted new crypto-related tax bills being discussed in the House Ways and Means Committee, including one that "would create a functional subsidy for cryptocurrency firms by allowing them to defer taxes owed on their mined coins indefinitely and without interest, so long as the firms do not sell the coins."
This would allow coin owners to raise money by borrowing against these assets without having paid a cent of taxes on them, the analysis explains, which could be particularly beneficial for Trump's two eldest sons.
"Eric and Donald Trump Jr. reportedly hold a 20% stake in the bitcoin mining firm American Bitcoin, which mined 817 bitcoin in Q1 of 2026 alone," RDP writes. "At current prices, this represents a value of more than $50 million, while the company has stated that it already intends to hold assets it mines. If passed, this loophole could mean millions of dollars in taxes owed by the Trump sons’ firm could be deferred endlessly."
RDP also published a list of crypto donations to lawmakers on the House Ways and Means Committee. Rep. Steven Horsford (D-Nev.) has received nearly $2 million in support from the industry since 2023, more than any other committee member.
Other top recipients of crypto cash include Reps. Tom Suozzi (D-NY), Jimmy Gomez (D-Calif.), Adrian Smith (R-Neb.), and Jason Smith (R-Mo.), chairman of the committee.
Jeff Hauser, executive director of RDP, said that the bills currently under consideration in the House are essentially a return on the crypto industry's investment in political campaigns.
"The cryptocurrency industry believes it is owed massive tax loopholes and functional subsidies," said Hauser, "because it has bought the president, paid for his ballroom project, and has funded dozens of congressional campaigns. The lack of campaign finance reform is the principal reason that the ludicrously corrupt Trump family is set to enjoy yet another tax loophole to exploit."
Timi Iwayemi, assistant director at RDP, said that "the cryptocurrency industry has facilitated the Trump family's corruption at every turn," while warning members of Congress against doing the industry's bidding.
"Lawmakers should be wary of creating new tax loopholes to benefit the Trump family and their donors in the crypto industry," said Iwayemi. "Rewarding this behavior will embolden the crypto industry and other corporate lobbies eager to seize on our elected representatives’ prioritization of donor interests at public expense."
- Senate GOP Comes Up Big for Elon Musk Grift by Further Defanging Consumer Bureau ›
- Warren Unveils Framework for Regulating Crypto Industry and Shutting Down Trump's Corruption ›
- 102 House Democrats, Including Jeffries, Help GOP Send Crypto Bill to Trump's Desk ›
A government watchdog is warning that new cryptocurrency policies being considered in the House of Representatives would be a major boon to the ultrawealthy, including President Donald Trump's family.
In an analysis published on Monday, the Revolving Door Project (RDP) highlighted new crypto-related tax bills being discussed in the House Ways and Means Committee, including one that "would create a functional subsidy for cryptocurrency firms by allowing them to defer taxes owed on their mined coins indefinitely and without interest, so long as the firms do not sell the coins."
This would allow coin owners to raise money by borrowing against these assets without having paid a cent of taxes on them, the analysis explains, which could be particularly beneficial for Trump's two eldest sons.
"Eric and Donald Trump Jr. reportedly hold a 20% stake in the bitcoin mining firm American Bitcoin, which mined 817 bitcoin in Q1 of 2026 alone," RDP writes. "At current prices, this represents a value of more than $50 million, while the company has stated that it already intends to hold assets it mines. If passed, this loophole could mean millions of dollars in taxes owed by the Trump sons’ firm could be deferred endlessly."
RDP also published a list of crypto donations to lawmakers on the House Ways and Means Committee. Rep. Steven Horsford (D-Nev.) has received nearly $2 million in support from the industry since 2023, more than any other committee member.
Other top recipients of crypto cash include Reps. Tom Suozzi (D-NY), Jimmy Gomez (D-Calif.), Adrian Smith (R-Neb.), and Jason Smith (R-Mo.), chairman of the committee.
Jeff Hauser, executive director of RDP, said that the bills currently under consideration in the House are essentially a return on the crypto industry's investment in political campaigns.
"The cryptocurrency industry believes it is owed massive tax loopholes and functional subsidies," said Hauser, "because it has bought the president, paid for his ballroom project, and has funded dozens of congressional campaigns. The lack of campaign finance reform is the principal reason that the ludicrously corrupt Trump family is set to enjoy yet another tax loophole to exploit."
Timi Iwayemi, assistant director at RDP, said that "the cryptocurrency industry has facilitated the Trump family's corruption at every turn," while warning members of Congress against doing the industry's bidding.
"Lawmakers should be wary of creating new tax loopholes to benefit the Trump family and their donors in the crypto industry," said Iwayemi. "Rewarding this behavior will embolden the crypto industry and other corporate lobbies eager to seize on our elected representatives’ prioritization of donor interests at public expense."
- Senate GOP Comes Up Big for Elon Musk Grift by Further Defanging Consumer Bureau ›
- Warren Unveils Framework for Regulating Crypto Industry and Shutting Down Trump's Corruption ›
- 102 House Democrats, Including Jeffries, Help GOP Send Crypto Bill to Trump's Desk ›