In a crypto conference held in Abu Dhabi, President-elect Donald Trump’s son made a statement that the Trump administration is planning to make certain American cryptocurrencies like $ALGO, $ADA, $XRP and $HBAR, completely tax free according to Shawn, a well-known influencer in the crypto community.
Eric Trump announces to make American cryptocurrencies tax free (Source: X Post)
Tax-Free Cryptos: A Big Win for U.S. Investors
According to the influencer, Shawn, Eric Trump’s plan would remove taxes on the above stated specific American cryptocurrencies, which would in turn attract investors. Whereas, on the other hand, non-American cryptocurrencies will have to pay a hefty tax of 37%. If this is true, this move would support American technologies and would position the U.S. to be a step ahead in the crypto world.
What it Means for the Crypto World?
If this plan by Eric Trump is made official and is executed sooner or later, it could attract more investors to American cryptocurrencies and could also lead to more innovation in the American crypto space. This move could also help strengthen the economy of the U.S. and will also help Trump make America the crypto capital of the planet.
However, hefty taxes on the non-American cryptos may push global developers and investors away and could also limit innovation in the industry. Even though the proposal has been announced, but it has not been officially confirmed yet.
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