TLDR
- Donald Trump has removed IRS Commissioner Billy Long from his position.
- The president plans to nominate Billy Long for a diplomatic post.
- Treasury Secretary Scott Bessent will serve as acting IRS Commissioner.
- Scott Bessent is known for his pro-crypto stance in financial policy.
- The Treasury recently ended the IRS DeFi crypto reporting rule.
Donald Trump will replace Internal Revenue Service Commissioner Billy Long with Treasury Secretary Scott Bessent as acting commissioner. The president reportedly intends to nominate Long for an ambassadorship role. Bessent will hold the position until the White House appoints a permanent replacement.
Donald Trump Reshuffles IRS Leadership
Donald Trump decided to remove Billy Long from the IRS leadership role and proceed with a nomination for a diplomatic post. According to Bloomberg, the move aligns with the administration’s broader reshuffling strategy. Scott Bessent, a known pro-crypto figure, will step in as acting commissioner during the transition.
Bessent currently serves as Treasury Secretary, and under his leadership, the Treasury scrapped the IRS DeFi crypto reporting rule. Earlier this year, Donald Trump nullified the same rule, signaling his administration’s support for the crypto sector. These coordinated actions highlight a consistent policy direction from the White House.
The IRS regulates taxes on cryptocurrency transactions. Donald Trump’s selection of Bessent reflects a pro-digital asset stance at the top level. Observers note that Bessent could influence upcoming tax guidance for the crypto industry.
Crypto Policy and Legislative Context
Donald Trump’s nomination follows his recent selection of Stephen Miran, another pro-crypto figure, to the Federal Reserve Board. Miran will replace Adriana Kugler and serve until January next year. These appointments suggest a strengthening of crypto-friendly leadership across key financial institutions.
Bessent is also a member of the White House Digital Asset Working Group. The group has recommended that Congress classify cryptocurrencies as a new asset category. They propose applying modified tax rules similar to those for securities or commodities.
The group further urged the Treasury and IRS to clarify digital asset rules for the corporate alternative minimum tax. In this role, Bessent could provide foundational tax guidance for the crypto sector. Donald Trump’s appointment positions him to advance these policy objectives.
Legislative Push for Crypto Tax Reform
Donald Trump’s administration coincides with congressional efforts to ease crypto taxation. Senator Cynthia Lummis has introduced a bill to remove double taxation for Bitcoin and other digital currencies. The proposal includes a de minimis exception for transactions under $300.
Such legislation, if passed, would impact both individual users and the broader digital asset market. Donald Trump’s choice of Bessent complements these legislative initiatives. The coordination between Congress and the executive branch could shape future U.S. crypto tax policy.
