Eric Trump has announced plans to remove capital gains tax for US-based cryptocurrency projects like XRP and HBAR, aiming to slash costs for investors who cash out profits. Foreign crypto projects, on the other hand, will face a 30% capital gains tax, creating a stark advantage for domestic innovation.
Senator Ted Cruz is also mounting a parallel effort to block new IRS reporting requirements for decentralized finance (DeFi) platforms. The December rule demands DeFi brokers submit detailed Form 1099 documents with user transaction data and personal information.
Cruz opposes the requirements as impractical for decentralized autonomous organizations, which lack traditional management structures. The senator, who has consistently fought against Central Bank Digital Currencies, argues the rule threatens privacy and innovation.
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The Congressional Review Act gives Cruz 60 days to overturn the regulation. Republican control of Congress strengthens the likelihood of success for his resolution.
The current administration has yet to verify the younger Trump’s statement, but it was mentioned earlier in the week that removing capital gains tax on domestic crypto could be part of upcoming executive orders focusing on cryptocurrency policy.
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