
XRP News Today: Eric Trump now announces no capital gains tax for XRP which will have far-reaching implications within the crypto community.
Recent developments in the cryptocurrency landscape indicate that projects based in the United States, such as XRP, may be positioned to reap significant tax advantages, while their international counterparts could face increased taxation pressures.
This shift in policy could have far-reaching implications for the competitive dynamics of the crypto industry.
Tax Exemptions for U.S.-Based Cryptocurrencies
Eric Trump has reportedly confirmed that upcoming tax policies may exempt American cryptocurrencies, including XRP and HBAR, from capital gains tax.
This exemption could provide a substantial financial incentive for crypto ventures within the United States.
In stark contrast, non-U.S. projects could be subjected to a steep tax rate of around 30%.
If these changes are enacted, they could reshape the operational landscape for cryptocurrency businesses, making the U.S. a more attractive environment for innovation and investment.
Favoring Domestic Projects
This potential tax relief aligns with ongoing discussions regarding the Trump administration’s preference for nurturing American crypto projects over their international rivals.
Among the proposals being floated is the establishment of a national crypto asset reserve, which could potentially include U.S.-based cryptocurrencies like XRP and Cardano, alongside established assets such as Bitcoin.
This strategic focus on American projects could strengthen the domestic market and promote local innovation.
Congressional Initiatives on Crypto Regulation
In addition to potential tax breaks, legislative actions are underway aimed at reassessing existing crypto regulations.
Senator Ted Cruz has announced plans to employ the Congressional Review Act to challenge a controversial new IRS rule.
This rule mandates that decentralized finance (DeFi) brokers report user information, including names and addresses, and submit Form 1099s.
Critics argue that this requirement places an undue compliance burden on decentralized platforms that typically lack centralized oversight.
The IRS has expanded its definition of “brokers” to encompass non-custodial entities that have access to user data.
This move has sparked significant concern within the cryptocurrency industry, as it could hinder innovation and violate financial privacy standards.
Supporters of Cruz’s resolution believe that limiting such regulations is crucial for fostering a thriving crypto ecosystem.
Given the current Republican majority in Congress, it is anticipated that the resolution will gain momentum in future sessions.
Renewed Interest from Major U.S. Banks
Amid these regulatory discussions, major U.S. banks have signaled a renewed interest in integrating cryptocurrency into their financial services.
Institutions such as Morgan Stanley, Bank of America, and Goldman Sachs have announced plans to expand their cryptocurrency operations.
Morgan Stanley’s CEO, Ted Pick, highlighted the bank’s intention to collaborate closely with federal regulators to ensure the safe provision of crypto services.
Goldman Sachs has also conveyed a desire for direct ownership of cryptocurrencies.
CEO David Solomon noted that existing regulations currently prevent banks from holding “physical” Bitcoin but expressed optimism about exploring potential changes to these regulations in the future.
Similarly, Bank of America’s CEO, Brian Moynihan, emphasized that clarity in regulatory frameworks could facilitate the bank’s integration of cryptocurrencies as legitimate payment options.
As the U.S. government considers favorable tax policies for domestic crypto projects and engages in crucial regulatory discussions, the landscape for cryptocurrency ventures is poised for transformation.
With major banks also keen to delve deeper into the crypto space, the coming months could see significant shifts that may redefine the future of cryptocurrency in America and alter the global competitive dynamics.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Now Introducing: XRP News
Follow us on CoinMarketCap, Facebook, X, or Instagram.
Also Read: IRS Now Delays Crypto Tax Reporting Requirements Until 2026
Leave your thoughts below
Read Daily Market News – https://franknez.com/ for more news and updates like this