Donald Trump’s executive orders do not include removing capital gains tax on US cryptocurrencies

Social media posts have claimed President Trump has signed an executive order to remove capital gains tax on US-based cryptocurrencies, after his inauguration on 20 January. But, at the time of writing, this was not true. 

One post shares a photo of the president signing a document with the caption: “President Trump has just signed an executive order removing ALL capital gains tax on US-based cryptocurrency’s [sic] This is HUGE.” Cryptocurrencies are decentralised, digital currencies, the most famous of which is Bitcoin, though there are thousands of others. 

President Trump reportedly signed around 200 executive actions on the first day of his second term in office, including legally-binding executive orders and other directives like memorandums and proclamations that are not always legally binding. But these did not include an executive order removing capital gains tax on US-based cryptocurrencies. 

Bitcoin and some other cryptocurrencies reportedly dipped in value after President Trump’s first policies did not mention the industry, despite some earlier speculation that they might. Mr Trump also did not mention cryptocurrencies during his inaugural address. 

One post on X shared the same claim, but with a video that clearly shows Mr Trump signing an executive order about designating drug cartels as foreign terrorist organisations within 14 days. 

What is an executive order?

An executive order is a written order issued by the president to the federal government that does not require congressional approval. However, they can potentially be blocked in other ways—potentially by Congress denying funding to relevant agencies, or by the courts.

Presidential actions signed by Mr Trump on his first day include pardons for over 1,500 people involved in the 6 January 2021 Capitol riot, an executive order delaying a ban on TikTok in the US, and another directing the US to withdraw from the Paris climate agreement. 

It’s important to consider whether information you see online has been reported by official and credible sources before sharing it. You can find more of our work checking claims related to the US on our website, including a roundup of claims from Mr Trump’s inauguration speeches.