Bloomberg: CLARITY ethics provision could save Trump millions in taxes

Bloomberg reported that Republican Sen. Thom Tillis and Democratic Sen. Ruben Gallego have proposed an ethics provision for the CLARITY Act that would require President Donald Trump to divest his stakes in cryptocurrency-related businesses to help advance the bill in the Senate. If Trump were to sell those holdings under the provision, however, he could defer federal taxes on capital gains for years or, in some cases, effectively avoid them, potentially yielding tax savings worth millions of dollars. Bloomberg added that the proposal would also give state attorneys general the authority to enforce the ethics provision, which it described as a key sticking point in the Senate’s push to pass the CLARITY Act.