During a crypto conference in Abu Dhabi, Eric Trump, President-elect Donald Trump’s son, stated that the Trump administration plans to make certain American cryptocurrencies, such as $ALGO, $ADA, $XRP, and $HBAR, tax-free. This tax exemption would potentially attract more investors. Non-American cryptocurrencies would face a 37% tax.
If the plan is implemented, it could boost the American cryptocurrency market, encourage more innovation, and strengthen the U.S. economy. However, high taxes on non-American cryptocurrencies could potentially deter global developers and investors. The proposal has been announced but has not yet been officially confirmed.
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