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Eric Trump Claims XRP Will Have Zero Capital Gains Tax: Report

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Recent reports indicate potential tax advantages for U.S.-based cryptocurrency projects like XRP, while international counterparts might face heightened taxation.

Source: Google
Source: Google

Eric Trump has allegedly confirmed proposed tax policies that would exempt U.S.-based cryptocurrencies such as XRP and HBAR from capital gains tax. Conversely, non-U.S. projects may be subjected to a tax rate nearing 30%. If implemented, these measures could significantly reshape the competitive dynamics of crypto ventures within the United States.

This development aligns with ongoing discussions suggesting the Trump administration’s preference for promoting American crypto projects over international ones. Speculation persists that the proposed U.S. national crypto asset reserve might incorporate domestic crypto assets like XRP and Cardano, alongside Bitcoin. Incoming Congressional Efforts on Crypto Tax

In tandem with these potential tax exemptions, Congress is pursuing legislative measures to challenge existing crypto regulations. Senator Ted Cruz has announced plans to utilize the Congressional Review Act to overturn a recently introduced IRS rule.

The rule mandates DeFi brokers to report user information, such as names and addresses, and to file Form 1099s. Critics argue that this regulation imposes undue compliance burdens, especially on decentralized platforms that lack centralized management.

The IRS has broadened the definition of 'brokers' to encompass non-custodial entities that have access to user data, a change that has raised widespread concerns across the industry.

Supporters of Cruz’s resolution warn that such regulations could hinder innovation and infringe on financial privacy. With Republicans holding the majority in Congress, the resolution is anticipated to gain momentum in forthcoming sessions.

Major U.S. Banks Eye Crypto Expansion

Amid regulatory debates, leading U.S. banks are showing renewed interest in cryptocurrency as a financial asset. Morgan Stanley, Bank of America, and Goldman Sachs have announced plans to broaden their crypto-related operations.

Morgan Stanley CEO Ted Pick revealed at the World Economic Forum that the bank aims to collaborate closely with federal regulators to explore secure methods of offering crypto services. Similarly, Goldman Sachs has expressed interest in direct crypto ownership. CEO David Solomon acknowledged current regulatory constraints preventing banks from holding physical Bitcoin but indicated willingness to adapt if the rules evolve.

Bank of America’s CEO, Brian Moynihan, shared comparable sentiments, emphasizing that clear regulatory guidelines could enable banks to integrate cryptocurrency as a mainstream payment method.

Disclaimer: The views expressed may include the author’s opinions and do not necessarily reflect those of The Crypto Basic. Readers should conduct thorough research before making investment decisions. The Crypto Basic is not liable for any financial losses incurred. Article Source: Google

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