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Trump Administration Proposes Zero Capital Gains Tax for U.S. Crypto Projects
News on the Blockchain
January 27, 2025
News on the Blockchain, January 27th, 2025
Confidence in Knowledge. Not Financial Advice.
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 10.19M+
Exchanges: 780
Market Cap: $3.43T (-5.11%)
24h Volume: $111.42B (+36.93%)
Bitcoin Dominance: 58.1%
Ethereum Dominance: 11.1%
ETH Gas Price: 3.75 Gwei
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $100,470.13 | -4.37% | $1.99T | $36.79B |
Ethereum (ETH) | $3,155.65 | -5.56% | $379.93B | $20.49B |
Tether (USDT) | $0.9993 | -0.05% | $139.23B | $86.10B |
BNB (BNB) | $652.61 | -5.36% | $92.98B | $1.75B |
Solana (SOL) | $231.01 | -10.45% | $112.41B | $5.83B |
💹 Market Highlights:
Total DeFi Volume: $9.7B (8.70% of total market volume)
Stablecoins Volume: $99.63B (89.42% of total market volume)
Coin with Highest % Change: Solana (SOL) +10.45%
🚀 Trending on DexScan:
FAFO/SOL: $0.04399 (+9999%)
SHY/SOL: $0.02557 (+9999%)
Punks/SOL: $0.001463 (+754%)
DeepSeekAI/SOL: $0.091264 (+662%)
Seek/SOL: $0.03070 (+9999%)
📈 Preview On Today’s News:
- Trump Administration Proposes Zero Capital Gains Tax for U.S. Crypto Projects
- States Race to Lead Bitcoin Reserve Momentum
- Ohio Proposes Bitcoin Reserve to Hedge Inflation and Boost Innovation
Keep reading below for more!
Today’s News:
1)
Trump Administration Proposes Zero Capital Gains Tax for U.S. Crypto Projects
The Trump administration has proposed a zero capital gains tax for U.S.-based cryptocurrency projects, aiming to foster domestic innovation and competitiveness. While the policy could significantly benefit cryptocurrencies like XRP, Solana, and Hedera, foreign projects may face a 30% capital gains tax. Experts highlight that Congress holds the power to enact such reforms, and significant revenue concerns make the proposal unlikely in the short term. Realistic alternatives, such as a de minimis exemption for transactions under $200, are gaining bipartisan support, offering a potential step toward simplifying crypto taxation.
The Trump administration’s proposal prioritizes a zero capital gains tax for U.S. crypto projects but faces legal and economic challenges, including potential revenue loss.
Experts advocate for a de minimis exemption for small transactions, which has bipartisan support and could simplify crypto taxation while encouraging innovation.
2)
States Race to Lead Bitcoin Reserve Momentum
President Donald Trump's advocacy for a national strategic Bitcoin reserve has inspired legislative action across the U.S., with 16 states introducing proposals to establish their own Bitcoin reserves. Ohio is among the frontrunners, with a bill proposing that 10% of the state's funds be allocated to digital assets, aiming to safeguard finances against inflation and economic uncertainties. This momentum reflects a growing recognition of Bitcoin’s potential, as its market cap of $2.07 trillion meets legislative requirements for reserve assets.
Sixteen U.S. states, inspired by Trump's proposal, are drafting Bitcoin reserve legislation to protect against inflation and economic risks, with Ohio leading efforts.
Ohio’s proposal allocates 10% of state funds to digital assets, exclusively qualifying Bitcoin due to its $2.07 trillion market cap.
3)
Ohio Proposes Bitcoin Reserve to Hedge Inflation and Boost Innovation
Ohio's House Bill 18, introduced by Representative Steve Demetriou and six co-sponsors, proposes allocating 10% of the state’s funds into a cryptocurrency reserve, with Bitcoin meeting the eligibility criteria of maintaining a $750 billion average market cap over 12 months. The bill emphasizes inflation protection, innovation in monetary technology, and stringent security measures for asset custody, potentially positioning Ohio as a leader in state-level cryptocurrency adoption. This follows a broader national trend of exploring digital asset integration, with eleven other states and a federal working group pursuing similar initiatives.
Ohio's House Bill 18 proposes allocating 10% of state funds to a cryptocurrency reserve, including Bitcoin, aiming to hedge inflation and drive innovation.
The bill enforces strict asset eligibility and security measures, aligning with national and global trends in digital asset adoption and regulation.
Disclaimer:
The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.
