A clear taxation regime is crucial for every industry, and crypto tax is no exception. Therefore, recent comments by Eric Trump, the son of the US president, should be taken with the seriousness they deserve.
If his bold vision of eliminating capital gains tax for U.S.-based crypto projects, including cryptocurrencies like Cardano, Ripple, and Algorand, goes through, it would signify a seismic shift in the global crypto landscape.
BREAKING: Eric Trump has reportedly confirmed that US based crypto projects will benefit from a 0% capital gains tax, per TheStreet.
Non-US based crypto projects will reportedly face a 30% capital gains tax. pic.twitter.com/IwZz2oCoNJ
— The Kobeissi Letter (@KobeissiLetter) January 26, 2025
Thus far, Eric Trump’s statement has captured the imagination of crypto investors and policymakers alike. However, as politics and economics evolve, how will potential crypto tax reform impact coins like Wall Street Pepe?
Eric Trump: A Zero Capital Gains Tax For US-Based Crypto Projects?
Like his father, Eric Trump is keen on making the United States the “crypto capital of the world.” To actualize this grand vision, eliminating capital gains tax for crypto projects rooted in the country would be a significant way to rejuvenate activity.
If this happens, it’s easy to see why hundreds, if not thousands, of projects might move to the United States. Most importantly, with such an initiative, local crypto projects would undoubtedly flourish.
Currently, the United States recognizes crypto as property and levies a capital gains and income tax between 0% and 37%, depending on multiple factors, including the nature of the crypto transaction and the income level of the taxpayer.
Recently, Senator Ted Cruz of Texas declared his intent to challenge a new IRS rule requiring DeFi firms to file detailed tax forms under the Congressional Review Act.
Despite crypto transactions being pro-privacy, the IRS wants DeFi protocols to submit transaction amounts and divulge user identities.
The lawmaker argues that this requirement goes against the principles of decentralization and poses a grave danger to privacy rights, creating unnecessary barriers to innovation in America.
“The Biden administration’s rule attempts to drive American cryptocurrency innovation overseas. This regulation undermines the purpose of DeFi technology: to enable individuals to freely buy, sell, and exchange digital assets. America’s goal should be to prioritize innovation, and this rule is the opposite. I call upon Congress to expeditiously take up this resolution, pass it, and send it to the President.”
Wall Street Pepe: Empowering Meme Coin Retail Traders
As crypto regulations in the United States potentially take a favorable turn, smart investors are focusing on Wall Street Pepe (WEPE).
The project has been on a tear in recent days, raising over $61.5 million in its ongoing presale. Each WEPE token is currently trading at just $0.0003665.
Wall Street Pepe is pro-community, and if the Trump administration does away with capital gains tax, it could propel meme coins like WEPE to new heights.
What’s drawing attention is how the project aims to empower retail traders.
WEPE holders will be granted access to the “WEPE Army” private trading groups where they receive curated trading signals, early access to highly potent cryptos, and can participate in forums to discuss opportunities with other traders.
Analysts believe WEPE could be a success.
In their view, if meme coins like TRUMP and MELANIA, which lack utility, have soared, then WEPE, with its community-focused approach, stands an even better chance.
The post Inside Eric Trump Crypto Tax Masterplan: Best US-Based Crypto Coins To Buy? appeared first on 99Bitcoins.
