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Crypto

US Crypto Tax Rules Under The Lens: Lawyer Raises Tough Questions

Christian Encila
by Christian Encila
7 months ago
·
Posted in News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Which is which? This is probably the question lingering in the mind of a known crypto lawyer after learning about the proposal of the US government to give tax exemptions to American crypto projects.

Pro-XRP lawyer John Deaton questioned what crypto projects would qualify as US-based and benefit from planned zero capital gains tax.

Related Reading: Solana Apps Sweep The Market, Raking In 73% Of Daily Crypto Earnings

Questioning The Crypto Tax Policy

Deaton finds it puzzling how the government would implement a proposed tax policy that would give exemptions to US-based cryptocurrency projects, saying that it would challenge to identify which digital assets would qualify for the proposed zero capital gains tax.

The crypto lawyer added that the planned new tax crypto policy would also impact crypto companies with global operations.

In an X post, Deaton raised the possible complications that the prospect of granting tax exemptions on US-based crypto projects would bring, asking the government how it will evaluate the projects that will qualify for the tax exemption, considering that some firms have international affiliations.

“@EricTrump Confirms U.S.-Based Crypto Projects Will Benefit From Zero Capital Gains Tax.”

Legitimate questions:

Which Crypot Projects are considered U.S.-Based?

What requirements constitute U.S. based?

For example, SOL:

Although Solana Labs
is headquartered in San… https://t.co/UEqaCYWVQD

— John E Deaton (@JohnEDeaton1) January 25, 2025

Finding It Ambiguous

Deaton said that there are so many unanswered questions about how the government will implement the tax policy, including what constitutes a US-based cryptocurrency project.

“Legitimate questions: Which Crypto Projects are considered US-Based? What requirements constitute US based?” Deaton said in a post.

For the pro-XRP lawyer, identifying which can be considered as US-based can be tricky.

As an example, Deaton asked if it would meet the criteria of being US-based. “Although Solana Labs is headquartered in San Francisco, the Solana Foundation is based in Geneva, Switzerland,” he noted.

XTZ, which was developed by Arthur Breitman, also has a similar situation. “While the Breitmans are based in the US, the Tezos Foundation is headquartered in Switzerland,” he said in a post.

To complicate matters further, the crypto lawyer asked if American companies are also classified as “crypto projects.”

XRP is currently trading at $2.9. Chart: TradingView

“Does Ripple, Gemini, Consensys and other US companies [would] benefit?” he added.

Clarity Needed

Deaton’s questioning of the proposed tax exemption only highlights the need for clarity in any crypto regulation, considering that the digital asset space is a complex landscape.

For Deaton, one of the major issues to resolve is whether strictly US-based crypto projects would qualify for the new tax policy and whether that would result in US projects being at a competitive disadvantage over their international counterparts.

Related Reading: Morgan Stanley CEO Signals Crypto Move In Partnership With US Regulators

Another important question is whether global crypto firms will have different tax regulations dependent on their international presence, a situation that might further complicate their operations and investment strategies.

Overall, Deaton is pointing out whether this new tax exemption rule would foster innovation and growth for American crypto companies, or whether the new tax policy would become a hindrance for crypto firms with global operations.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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