Recipients of Crypto Cash Will Be The Deciding Factor
For Immediate Release
Contact: iwayemi@therevolvingdoorproject.org
The House Committee on Ways and Means is currently considering a set of cryptocurrency taxation bills that could potentially offer huge tax benefits to President Trump’s sons as well as his allies and donors in the crypto industry. Concerningly, a number of members who have benefited greatly from cryptocurrency donations and SuperPAC spending in recent elections will decide whether or not to create massive new tax loopholes for the industry.
One bill in particular 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. These firms—which could then borrow against these assets without ever having paid taxes on them as received income—are expecting recipients of the industry’s largesse to enshrine these proposed giveaways to its oligarchs. For example, Ways and Means Committee Chair Jason Smith received $105,168 from the industry in the 2026 cycle, more than a tenfold increase in the donations he received from them last cycle.
Many others, Democrats and Republicans alike, have received significant sums, with Nevada Democrat Steven Horsford alone receiving close to $2 million from the industry in the past two cycles. A full report on cryptocurrency donations to the Ways and Means Committee can be viewed here. An executive summary is also available here.
The bill that would allow for deferral of tax payment on cryptocurrency mining could prove particularly valuable for the sons of President Trump. 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. 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. Larger firms in the industry would receive even more benefits from this loophole.
Warning of this potential payoff to the Trump family and the crypto insiders who have funneled money to candidates on both sides of the aisle, The Revolving Door Project’s Executive Director, Jeff Hauser said the following: “The cryptocurrency industry believes it is owed massive tax loopholes and functional subsidies 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. Polls have repeatedly shown that voters are not in support of the crypto industry’s agenda, yet sweetheart legislation continues to be this Congress’ highest priority. If Members of Congress wish to prove that their influence is not for sale, rejecting the industry that has lavished them with so much support is the perfect opportunity to do so.”
Revolving Door Project Assistant Director Timi Iwayemi chimed in, adding “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. 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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