The post Donald Trump’s Plan to Eliminate Capital Gains Tax on U.S. Cryptocurrencies appeared first on Coinpedia Fintech News
Donald Trump is reportedly considering a groundbreaking plan to eliminate capital gains taxes on U.S.-issued cryptocurrencies. If implemented, this could make profits from popular digital assets like Cardano (ADA), Algorand (ALGO), Ripple (XRP), and Hedera (HBAR) tax-free for American investors. Sources close to Trump’s transition team say that the proposal would require crypto-issuing companies to be registered in the U.S. However, existing crypto businesses could relocate to the U.S. to take advantage of this new tax exemption.
Could the U.S. become the next global blockchain powerhouse? Keep reading to explore more.
Making Crypto a Practical, Everyday Currency
This move could position the U.S. to compete with crypto-friendly countries like Dubai, making it a top blockchain hub. It also aligns with Trump’s vision of turning the U.S. into the “crypto capital of the world,” a campaign promise aimed at increasing the country’s appeal in the global digital asset market. Eliminating the 37% capital gains tax could attract more investors, as it would allow them to keep their profits tax-free.
Notably, Trump has raised a crucial point, suggesting that it’s unfair to pay capital gains taxes on crypto used for everyday purchases, like buying coffee or groceries.
“Why should Americans be penalized for using a digital currency in daily life?”
UK vs USA
The UK, in particular, is readying its crypto regulatory framework to stay competitive, planning announcements on crypto regulation to counter Trump’s crypto-friendly agenda. This developing competition for crypto dominance is likely to escalate as both the U.S. and UK aim to attract and retain crypto businesses, shaping the future of the industry on a global scale.
Also Read : Crypto.com Boosts Australian Market with Fintek Securities Deal ,Could Tax-Free Crypto Be the Future?
Trump’s proposal has already generated buzz among investors and entrepreneurs. If successful, it could position the U.S. as a global crypto hub, attracting significant investment from international markets. U.S.-based companies could also increase their investments in blockchain and crypto technology, spurring further innovation in the space.
For everyday crypto holders, this proposal could signal the start of a new era—one where digital assets can be used as both a payment method and a store of value, without the worry of capital gains taxes.
