Donald Trump’s Son Confirms Plan to Eliminate Crypto Capital Gains Tax

Former President Trump is pushing forward with a bold plan to eliminate capital gains taxes on cryptocurrencies issued by U.S. companies.

The proposal, confirmed by his son Eric Trump, aims to make crypto tax-free for U.S. citizens holding assets like ADA, ALGO, XRP, and HBAR, positioning American digital currencies as more appealing in the global market.

Eric Shawn of Fox News reports that while this plan is ambitious, it could put non-U.S. cryptocurrencies at a competitive disadvantage, with other nations potentially facing up to a 37% tax on capital gains. The proposal also requires cryptocurrency firms to register in the U.S. before issuing assets, but current companies holding crypto could be given the chance to relocate.

This initiative is part of a larger strategy to make the U.S. a dominant player in the cryptocurrency space. The administration believes that by incentivizing the creation of “Made in America” digital currencies, it can attract investment and innovation, transforming the country into the world’s crypto hub.

Sources suggest that for U.S. investors, this could be a game-changer, with crypto investments becoming far more lucrative due to the tax-free status.

However, the proposal has drawn criticism from some in the crypto community, who argue that the push for a national cryptocurrency contradicts the decentralized ethos of blockchain. The debate is still unfolding, with far-reaching consequences for the future of the industry.