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- Eric Trump mentions zero capital gains tax for US-based crypto projects such as XRP and HBAR.
- Ivanka Trump warns against fraudulent meme currencies using her name without her consent.
Eric Trump, son of US President Donald Trump, has hinted that US-based crypto-currency projects such as XRP and HBAR will apparently be exempt from capital gains taxes. This is obviously a big change from previous tax laws, which set a tax rate on profits of up to 30%.
However, authorization from the US Congress is required for this tax abolition. Given its influence on state revenues, this legislative process is likely to give rise to lengthy controversy. Experts believe that this approach could lead to legal and financial difficulties, particularly with regard to the potential loss of significant tax revenues.
Nevertheless, if this phase is successfully completed, it could stimulate the expansion of the US crypto-currency sector and increase the global competitiveness of initiatives such as XRP and HBAR.
According to The Street, Trump's second son Eric Trump has confirmed that US-based crypto projects such as XRP and HBAR will soon benefit from zero capital gains tax instead of 30% capital gains tax. In addition, Senator Ted Cruz plans to overturn a controversial IRS regulation…
— Wu Blockchain (@WuBlockchain) January 26, 2025
Effects of the tax exemption policy on US crypto-currencies
The effects on the US crypto-currency market will be significant if this tax-free approach is followed. Projects such as XRP and HBAR could attract additional institutional and retail investment. In addition, this regulation should encourage blockchain technology development, reinforcing US leadership as a global center of cryptographic innovation.
Senator Ted Cruz has nevertheless expressed concerns about tax laws in the crypto-currency sector. He is opposed to the Internal Revenue Service (IRS) rule requiring DeFi systems to document user information. Cruz believes this approach endangers innovation and privacy in the dispersed financial industry.
Ivanka Trump’s position on electronic currencies
Among these events, Donald Trump’s daughter Ivanka Trump publicly attacked the coin meme initiative using her name, as we mentioned in our report. In an X-post, Ivanka declared, “I have nothing to do with this coin :
I have nothing to do with this coin. This fake coin risks misleading consumers and cheating them out of their hard-earned money, and the unauthorized use of my name and image is a violation of my rights.
XRP and HBAR performance
At press time, XRP was trading at $2 .96, after a 5.65% correction over the past 24 hours. Its market capitalization is down to around $170 billion.
Meanwhile, HBAR is down 8.55% over the same period, trading at around $0 .3133. Its market capitalization is now below the $12 billion mark.
