Reportedly, the American government is working on the introduction of a new regulatory framework to provide a better environment for the adoption of those Cryptocurrencies that originated from the US jurisdiction.
Cryptocurrencies are known for their decentralized nature. Every person in this space has full authority to launch his own token with his unique vision & simultaneously allow people to invest in the tokens from anywhere in the world, no matter what the origin of the jurisdictions of those Cryptocurrencies.
Recently, The Street reported that Donald Trump’s second son, Eric Trump, confirmed that the US government is working on a new plan to give tax exemption for crypto investors from investing in US-based cryptocurrencies.
Currently, the total gain tax is 30% & if this new rule gets passed, then surely it will reduced to 0%, which means Cryptocurrencies like $XRP and $HBAR will be capital gain tax-free.
Click here to see the full list of cryptocurrencies that originated in the US or by US-based entities.
Overturn US IRS Defi regulation
Currently, all the crypto Defi platforms are required to report the user data and income reports under Form 1099. This is a very big burden on the Defi brokers. Crypto enthusiasts believe that such pressure is basically a very big burden on & it may pressure these Defi brokers to shift such services outside the US jurisdiction.
In the latest developments, Senator Cruz, along with Representative Mike Carey, has introduced a resolution to reverse this IRS’s rule, focusing on helping the growth of the crypto sector in the US.
Following this pro-Crypto development, many crypto enthusiasts said that now pressure on the crypto-friendly countries is very high to maintain their friendly stance with better strategy. Otherwise, companies will shift to the US jurisdiction.
Read also: Solana ($SOL) is leading the Crypto bull, Will SOL Hit an All-Time High This Month?
