While the crypto industry leaders have welcomed President Donald Trump's pro-crypto policies, his latest announcement on taxes would hardly please the billionaire class.
The crypto industry has witnessed the rise of new-age billionaires such as Coinbase CEO Brian Armstrong, Tether co-founder Giancarlo Devasini, Tether CEO Paolo Ardoino, Ripple founder Chris Larson, Ripple CEO Brad Garlinghouse, Gemini founder twins Tyler and Cameron Winklevoss, Galaxy founder Michael Novogratz, and MicroStrategy co-founder Michael Saylor.
Even Trump can be counted as a crypto billionaire, given his involvement with multiple crypto ventures such as the World Liberty Financial, USD1 stablecoin, and TRUMP meme coin.
On May 9, Trump wrote on Truth Social that he would "graciously" accept a tax hike for the rich individuals to help the lower- and middle-income workers even if the Republicans should probably not take any such step.
Earlier, news reports emerged that Trump has proposed new tax hikes on individuals earning more than $2.5 million annually and families earning more than $5 million annually. The proposal is to raise taxes on the wealthy from 37% to 39.6%.
As per the report, Trump privately asked House Speaker Mike Johnson during a phone call to raise the taxes on the wealthy.
Republicans hope to finish working on the "one big beautiful bill" by the next week and pass it in the House ahead of the U.S. Memorial Day holiday on May 26.
The move would be very unusual for the Republican Party, Trump noted, but said he would accept it if the party pushes for it.
Trump's announcement of the strategic Bitcoin reserve and the federal regulator dropping cases against crypto exchanges led to great euphoria. However, his latest tax announcement could invite criticism from crypto billionaires.