Eric Trump Confirms Crypto Tax Exemption on US-Based Projects
President-elect Donald Trump's son, Eric, has confirmed plans to eliminate capital gains tax on cryptocurrencies but only those based in the US.
American cryptocurrencies including Algorand, Cardano, Ripple, and Hedera will all be tax-free under Trump. WEF member Shayan Salehi believes the move would "put non American crypto at a -37% tax disadvantage."
🚨BREAKING: Eric Trump confirms President Trump’s plan to make American cryptocurrencies such as $ALGO $ADA $XRP and $HBAR tax free
— Shawn (@oroogle) December 10, 2024
I was the first public source of this story and reported on it. This will put non American crypto at a -37% tax disadvantage. pic.twitter.com/6gL1pvnjxd
Speaking to Benzinga, Eric Trump said he would work alongside his father to position the US as a global hub for crypto.
Eric also took a swing at SEC Chair Gary Gensler for waging a "holy war" against the crypto industry.
“The crypto community in America was under total attack by Gary Gensler and so many other people," he said. "Biden was nowhere to be found. Kamala [Harris] was nowhere to be found. They didn’t understand what crypto was. And frankly, they waged holy war against the community. And then all of a sudden my father comes in."
He went on to emphasize his father's commitment to the crypto industry, highlighting how he has been "very transparent" about making "America the crypto capital of the world."
Eric called for "sane regulation" for the industry, echoing his father's message about "having it on the balance sheet of the US," while stating he will "try and make some of tax-free under certain parameters."
He also stressed the importance of DeFi, stating that "Modern banking has left 99% of people behind."
“It’s slow. It’s inefficient. It’s costly. And there’s nothing that’s done in modern banking that can’t be done better on blockchain. And we’re all in the crypto world. I think we’re going to do very well in the crypto world. And I think you’re going to have a great ally,” he said.
Despite Trump's plan of taxing non-American cryptocurrencies, his crypto project, World Liberty Financial, recently spent millions of USDC on Ethereum and Chainlink.
According to on-chain data from Etherscan on December 12, WLFI acquired over 2,631 ETH at a price of $3,801 per ETH, totalling around 10 million USDC. WLFI also purchased 41,335 LINK tokens with 1 million USDC, at an average price of $24.2 per LINK. The price of Chainlink surged by over 20% in just one day after the purchase, reaching $26.72.