Commerce Secretary Howard Lutnick announced a proposal to eliminate federal taxes for individuals earning under 150,000 USD annually, raising questions of whether this will extend to cryptocurrency taxes.

Rumors circulated that Trump might announce significant changes for the cryptocurrency sector at a recent summit; however, no major updates were provided, leaving the crypto community looking for a favorable outcome.

If crypto taxes are eliminated, it could encourage greater investment, hasten mainstream acceptance of digital currencies, and enhance the United States’ status as a leader in the digital asset space.