Appointed by President Donald Trump, ‘crypto czar’ David Sacks has rejected the idea of taxing crypto transactions to fund the national bitcoin reserve. He made this statement on the All-In-One podcast.
Sacks reiterated key details about the strategic reserve of digital gold, outlined in Trump’s executive order, emphasizing that replenishing this repository should occur without taxpayer expense.
Podcast host Jason Calacanis proposed the idea of adding a ‘modest tax’ of 0.01% on all crypto transactions as a method to acquire ‘free’ coins for the budget. Sacks opposed the suggestion:
“That’s how taxes always start. They are described as very modest. You know, when the income tax started, it applied to only a thousand Americans, and lawmakers swore it would never be applied to the middle class.”
The interlocutor noted that he “doesn’t much like the idea of new taxes,” even with promises that they won’t significantly impact people.
However, while Sacks himself is not a proponent of additional levies, he does not rule out the possibility of such a measure being implemented in the future.
Earlier, after the crypto summit at the White House on March 7, prices of most top-10 cryptocurrencies by market capitalization fell, and the total market capitalization decreased by 5% within a day.