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.
Hong Kong’s financial market is poised for a significant milestone with the upcoming launch of the region’s first Spot Crypto Exchange-Traded Funds (ETFs). This groundbreaking initiative is being
The European Commission is exploring a potential EU-wide tobacco levy to help fund its next long-term budget, according to a German government report seen by Euractiv. The idea, still in early stages,
Britain said on Tuesday it would grant long-term market access for EU based investment and money market funds used by UK investors, and without new costly requirements such as mandatory valuation assessments.
Premier Juliana O’Connor-Connolly presented changes to beneficial ownership legislation to parliament when it met for the last time before the elections. While the Beneficial Ownership Transparency