COINOTAG News reported on January 26th that John E. Deaton, a prominent figure in the crypto regulatory landscape and founder of CryptoLawUS, shared insights on social media regarding the potential future tax landscape for US-based crypto projects. Deaton noted that digital assets such as XRP and HBAR may benefit from a favorable zero capital gains tax, whereas projects not originating in the US could face a hefty 30% tax rate. However, for this advantageous tax policy to take effect, further clarification is essential to determine what qualifies as a US-based cryptocurrency initiative. He pointed out that while Solana Labs operates out of San Francisco, its affiliated Solana Foundation is situated in Geneva, highlighting the complexities of jurisdiction. Furthermore, this raises important questions on whether American firms engaged in crypto operations or BTC adoption might also tap into these potential tax incentives.
Source: https://en.coinotag.com/breakingnews/xrp-set-to-benefit-from-zero-capital-gains-tax-in-future-us-crypto-policy-says-john-e-deaton/