CandleFocus

White House Crypto Summit reportedly opposes tax exemptions

Author: Content Editor
The White House Crypto Summit is not expected to announce exemptions from the capital gains tax on cryptocurrency, according to The Kobeissi Letter. During a virtual summit preview, a White House official clarified that taxation would not be up for debate and that the purpose of the summit is to gather advice and feedback from industry leaders. Despite hopes for tax breaks, the current tax system for cryptocurrency profits in the US remains unchanged, potentially impacting investors' strategies. In contrast, Japan's Liberal Democratic Party is proposing to lower its high tax on cryptocurrency profits. Additionally, President Donald Trump has ordered the creation of the Strategic Bitcoin Reserve, which will be financed by seized Bitcoin. The administration differentiates between the Bitcoin reserve and other digital assets in the federal government's stockpile to ensure responsible management. Some market participants have expressed disappointment with the conservative approach to acquiring more Bitcoin.

Related News