Trump Considers Eliminating Taxes on Gambling Winnings, Potentially Impacting Crypto Markets
US President Donald TRUMP has signaled a potential overhaul of tax policy, floating the idea of eliminating federal taxes on gambling winnings. The proposal, discussed aboard Air Force One, follows recent tax breaks like the 'no tax on tips' and 'no tax on overtime' provisions under his One Big Beautiful Bill Act.
Current IRS regulations require casinos to issue W-2G forms for winnings exceeding $600, with withholding rates up to 31% for larger payouts. Abolishing these rules could inject liquidity into speculative markets—including cryptocurrencies often traded alongside gambling-related assets.
The announcement comes as Trump reaffirms his dual mandate of debt reduction and tax cuts. While no direct cryptocurrency mentions surfaced, such fiscal policies historically correlate with increased risk appetite among traders navigating volatile digital asset markets.
