Eric Trump recently mentioned that there will soon be no capital gains tax for US-based crypto projects like XRP and HBAR. That means investors in these projects could spend considerably less when cashing out their crypto for a profit.
However, crypto projects based outside the U.S. will not be so lucky, incurring a hefty 30% capital gains tax instead. This move could help bring additional crypto innovation to the U.S. and provide a substantial comparative advantage for domestic projects.
And in Washington, Ted Cruz stirs up controversy as he plans to challenge a new IRS rule targeting decentralized finance (DeFi). Finalized in December, the rule mandates that DeFi brokers file detailed tax forms (Form 1099) reporting users’ transaction amounts, names, and addresses. Cruz is concerned that this rule unfairly targets DeFi platforms, which are driven by decentralized autonomous organizations (DAOs) that often lack central parties to report such info.
Cruz, a vocal proponent of crypto and a still-loyal enemy of Central Bank Digital Currencies (CBDCs), maintains that the rule hinders innovation, endangers user privacy, and adds unnecessary complications in the way of decentralized systems. He plans to overturn the regulation within 60 days, using the Congressional Review Act. Now that he holds the Republican majority in Congress, his resolution has the potential to gain traction.
Changes announced in this week’s updates represent a sea change in how crypto is taxed and regulated in the U.S. and reveal a growing political will to champion the industry. If Cruz’s efforts are successful, it could preserve DeFi’s decentralized status while enhancing the U.S.’s position as a center of crypto innovation.
Illicit finance, corruption, and kleptocracy pose a direct threat to our national security, economic resilience, and the integrity of the global financial system. The UK remains steadfast in its commitment
In late September, the SEC announced a sweep of settled charges for late beneficial ownership and insider transaction filings, including over $3.8 million in penalties against individuals and companies.
Chinese money is pouring into funds invested in offshore assets at breakneck speed, butting up against outbound investment limits and complicating Beijing’s efforts to revive domestic markets
The European Union removed Antigua and Barbuda from its tax haven blacklist on Tuesday, an instrument that has been slammed as ineffective in the past by anti-poverty groups. The list, approved by the