Good news for XRP? Trump's son confirms that the US encryption project will enjoy '0 capital gains tax', what do the experts think

According to youtuber CryptoWendyO, which has 233,000 followers, Trump's second son, Eric Trump, recently confirmed that some U.S.-based encryption projects (XRP, HBAR... Zero Capital Gains Tax in the future; In contrast, non-US projects will face a 30% tax rate, which has caused widespread community discussion. (Summary: US cryptocurrency transactions are first included in the scope of IRS tax returns, cruelly compared to the "Taiwan tax regulations" how scrappy? (Background supplement: Inventory of global private saleencryption funds: data overview, regulatory situation, how to deal with taxes?) The Internal Revenue Service (IRS) has been rolling out draft tax regimes for cryptocurrencies since the end of June last year, the most important of which are reporting and explicit requirements for encryption brokers (DEXs, custodians) and stipulating that third-party forms (1099-DA) must be provided to the public, which are provided by encryption brokers for corporate or personal use. That said, many U.S. citizens are about to pay their first cryptocurrency taxes this year. Eric Trump confirmed that U.S.-based projects enjoy zero Capital Gains Tax In this context, encryption Youtuber CryptoWendyO, which has 233,000 followers, released a video pointing out that Trump's second son, Eric Trump, has recently confirmed that some U.S.-based encryption projects (XRP, HBAR... Zero Capital Gains Tax in the future; Conversely, non-US projects will face a 30% tax rate, which caused widespread discussion in the community. The video also said that U.S. Senator Ted Cruz plans to introduce a congressional review bill next week to overturn the IRS's controversial tax law that requires certain Decentralized Finance intermediaries to report gross earnings to the IRS and provide user data, including names and addresses, similar to the Form 1099 filed by traditional securities brokers, which has upset many in the industry. However, the community seems skeptical of the video, with many netizens saying that Eric Trump is not Congress and that he cannot "confirm" anything. Satoshi Action Fund founder: Zero Capital Gains Tax unlikely to be achieved in the short term But for the news that the community expects to cancel the Capital Gains Tax, Dennis Porter, founder of the Satoshi Action Fund, poured cold water on the article, saying that the complete cancellation of the Cryptocurrency Capital Gains Tax is difficult to achieve in the short term. In addition to the need for Congress to pass the bill, the main hurdle is that it will lead to a significant reduction in government tax revenues. For now, the current administration's priority is to continue the tax cuts of the Trump era. Any measures that could threaten these tax cuts are bound to be shelved. However, Porter also proposed an encryption tax law that the government can currently enforce; However, meaningful progress can still be made. I strongly recommend that the BTC and digital asset industry focus on securing a $200 exemption for BTC and other digital asset transactions. The proposal, which aligns with the existing $200 exemption for foreign currency transactions, is a more achievable and reasonable goal, and has minimal impact on Trump's continued tax cuts. Americans who rely on BTC and digital assets for their lives shouldn't have to file tax returns for microtransactions like coffee, meals, or groceries. POLITICAL REALITY: Removing capital gains on crypto entirely would require an act of Congress and is highly unlikely in the near term. The primary obstacle is the significant loss in tax revenue, which makes such a proposal difficult to include in the upcoming tax bill. Right... — Dennis Porter (@Dennis_Porter_) January 26, 2025 Comparison of encryption tax systems by country On the other hand, in the context of the US cryptocurrency tax system has been on the road, what is the progress of encryption tax development in other countries? The following will provide readers with an overview of the progress of the tax system in Japan, South Korea and Taiwan: Japan: Considering a 20% flat tax rate for digital assets According to previous reports in the region, Japan's current policy on cryptocurrency taxation relies on vague and volatile "miscellaneous taxes", which could impose a tax rate of up to 55% on cryptocurrency transactions, while opposition parties are calling for a flat tax rate of 20% on digital assets, among a number of other tax cuts. South Korea: Plan to levy 20% profits tax on cryptocurrency gains extended to 2027 According to reports, South Korea's plan to impose 20% profits tax on cryptocurrency gains was originally scheduled to take effect on January 1, 2022, but due to strong opposition from cryptocurrency investors and industry experts, the plan was postponed to January 1, 2025, although the Democratic Party, the largest party in the South Korean parliament, announced a change of position in December last year. It was decided to postpone the plan until 2027, which means agreeing to postpone its implementation for another two years. Taiwan: Follow the existing income tax law Compared with the progress of other countries' encryption tax system, Taiwan's cryptocurrency taxation method is different from the international trend, and Taiwan does not regulate it through separate legislation (special law), but extends its application in accordance with the current legal framework such as the Income Tax Law and the Basic Tax Ordinance on Income, and further explains it through administrative interpretation letters. However, at present, Taiwan has not set up a unified competent authority to determine the nature of various types of tokens (for example, non-fungible tokens, STO tokens, stablecoins, etc. are under the jurisdiction of different units), which may cause tax base disputes in tax enforcement and judgment of whether they have the nature of securities. Related reports TRX enters Trump's encryption plan WLFI into the "only Chinese project", the United States will usher in Asian-friendly regulation? Sword pointing to Trump? New York Financial Bureau warns: Memecoin has a high risk of fraud, don't fear of missing out Fall into the trap of speculation Dynamic Zone Weekly "Trump issued a meme currency storm, the Japanese central bank raised interest rates, and the US BTC strategic reserve wind "Big positive XRP? Trump's second son confirmed that the US encryption project will enjoy "0Capital Gains Tax", what do experts think" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".