- Eric Trump teases a zero capital gains tax for US-based crypto projects like XRP and HBAR.
- Ivanka Trump warns against fraudulent meme coins using her name without consent.
Eric Trump, the son of US President Donald Trump, has teased that US-based cryptocurrency projects such as XRP and HBAR will apparently be free from capital gains taxes. This is obviously a big departure from the past tax laws, which set a profit tax rate ranging from up to 30%.
Still, clearance from the US Congress is necessary for this tax abolition. Given its influence on state income, this legislative process is expected to generate a protracted controversy. Particularly in terms of the possible loss of significant tax income, experts believe that this approach could provide legal and financial difficulties.
If this phase is carried out effectively, nevertheless, it might boost the US’s crypto sector’s expansion and raise the worldwide competitiveness of initiatives including 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 Tax-Free Policy on US Crypto
The effects on the US crypto market will be significant should this tax-free approach be followed. Projects like XRP and HBAR could draw additional institutional and retail investment. Furthermore, predicted to be encouraged by this regulation is additional blockchain technological development, therefore bolstering US leadership as a worldwide crypto innovation hub.
Senator Ted Cruz has expressed worries about the crypto sector’s taxing laws, nevertheless. He is against the Internal Revenue Service (IRS) rule mandating DeFi systems to document user information. Cruz sees this approach as endangering innovation and privacy in the dispersed financial industry.
Ivanka Trump’s Meme Coin Stance
Among these events, the daughter of Donald Trump, Ivanka Trump, has publicly attacked the meme coin initiative using her name, as mentioned in our report. On an X post, Ivanka stated:
I have no involvement with this coin. This fake coin risks deceiving consumers and defrauding them of their hard-earned money, and the unauthorized use of my name and likeness is a violation of my rights.
XRP and HBAR Performance
As of the press time, XRP is trading at $2.96, following a 5.65% correction over the last 24 hours. Its market cap has gone down to about $170 billion.
Meanwhile, HBAR is down 8.55% in the same period and is trading at about $0.3133. Its market cap now falls short of the $12 billion mark.
