Trump Administration Weighing Third Executive Order on Crypto: Coinbase VP
Coinbase VP of Policy Kara Calvert told Decrypting DC the potential executive order could be used to address crypto tax concerns, amongst other policy issues.
The Trump administration is considering a third executive order focused on the crypto industry, according to Kara Calvert, Vice President of Policy at Coinbase. The order could include changes to IRS tax rules which apply to digital assets.
Calvert made the comment during an interview about the potential inclusion of several new crypto tax rules in the Big Beautiful Bill, an expansive budget reconciliation bill currently working its way through Congress, at the urging of Wyoming Republican Senator Cynthia Lummis. Decrypting DC obtained an early draft of Lummis’ tax proposals on Tuesday.
“If it doesn’t happen in the [Big Beautiful Bill], there’s other opportunities,” Calvert explained. “My understanding is there may be another executive order at some point on crypto, and that’s another opportunity to address some of these tax concerns.”
Trump has issued two major executive orders on crypto since inauguration. The first, signed during his first week in office, declared crypto a policy priority and established a working group on digital assets that includes the Secretary of the Treasury, leadership at the SEC and CFTC, and several other federal department heads. That working group was tasked with submitting a report within 180 days that includes proposals for crypto regulation and legislation — a report which Calvert also said could include suggested tax rule changes. The deadline for that report is July 22nd, though the executive order does not say whether its contents will be released to the public.
The second executive order, signed in early March, established a Strategic Bitcoin Reserve and Digital Asset Stockpile made up of cryptocurrency the government had already obtained by the government through criminal and civil asset forfeiture. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were tasked with finding “budget-neutral” strategies — i.e. those which would not require raising additional tax revenue — for acquiring more Bitcoin, though not other cryptocurrencies.
Calvert has met with the White House at least once since Trump’s election and is a highly influential liaison between the crypto industry and the Trump administration. Coinbase also donated $1 million to Trump’s inauguration committee and pledged a “major” contribution to the committee organizing Trump’s 250th anniversary celebration of the signing of the Declaration of Independence.
Coinbase has also expanded its political influence by creating the independent nonprofit Stand With Crypto, which gives politicians a letter grade based on their crypto policy record, and donating nearly $75 million to the crypto-focused super political action committee (PAC) Fairshake and its partisan affiliates Protect Progress and Defend American Jobs during the last election cycle. Fairshake is primarily funded by Coinbase, Andreessen Horowitz, and Ripple and played an outsized role in several congressional races in 2024.
The White House did not respond to a request for comment.