Eric Trump suggests a groundbreaking plan to eliminate taxes on US-made cryptocurrency, aiming to boost domestic innovation.
The post Eric Trump Drops a Bombshell: 0% Taxes for Made in the USA Crypto appeared first on Coinpedia Fintech News.
The United States is planning to implement a critical tax relief legislation in order to promote cryptocurrency innovation and investment. According to reports, Eric Trump, the son of US President Donald Trump, hinted at the potential of the newly formed Trump government implementing a zero capital gains tax policy for bitcoin ventures. Will both US-based and non-US-based projects benefit equally from the predicted tax break?
US-based Crypto Projects to Enjoy Zero Capital Gains Tax
According to reports, Eric stated that US-based cryptocurrency projects such as XRP and HBAR will profit from the zero capital gains tax regime.
Eric’s confirmation has sparked enthusiasm across the bitcoin sector. Many crypto aficionados feel that the ruling will make US-based cryptocurrency ventures more appealing.
Will Non-US-Based Projects Receive Any Tax Relief?
The policy is unlikely to assist crypto initiatives outside of the United States. According to sources, Eric stated that non-US cryptocurrency ventures will face a 30% capital gains tax.
Experts think that this stark discrepancy in taxes is intended to level the playing field in favor of US-based crypto projects and incentivize corporations to establish operations in the nation.
US-based Crypto Projects: An Overview
The overall market capitalization of the Made in USA category is currently $550 billion, and its 24-hour trading volume remains $37,474,510,450.
The category, as the name implies, pertains to cryptocurrency with a significant link to the United States.
The top ten cryptocurrencies by market capitalization in the category are XRP, Solana, USDC, Cardano, Chainlink, Avalanche, Stellar, Hedera, Sui, and Polkadot.
In the previous 30 days, virtually all of the top 10 cryptos in this category have displayed bullish tendencies. XRP has gone up by 42%, Solana by 31.7%, Cardano by 12.3%, Chainlink by 8.7%, Steller by 18.5%, and Hedera by 15.1%. During the same period, Avalanche fell 7.4%, Sui by 2.8%, and Polkadot by 9.9%.
Finally, the Trump administration’s crypto tax policy has the potential to transform the market, favoring US-based ventures while opposing non-US companies. If executed, this ambitious step might drive worldwide crypto innovation to the United States, establishing it as a hub for blockchain breakthroughs. This disparity in tax rates demonstrates the government’s commitment to fostering local growth and innovation in the cryptocurrency sector.
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