White House crypto summit: no tax breaks for crypto investors? - TheStreet Crypto: bitcoin and

According to The Kobeissi Letter, no capital gains tax exemption for cryptocurrencies will be proposed at the White House crypto summit. This comes after #bitcoin fell ~$2,000 after a Punchbowl News reporter broke the news.

Since the Punchbowl reporter broke the news, #bitcoin has fallen ~$2,000. It’s going to be a busy Friday, wrote The Kobeissi Letter. the crypto community has long wanted this tax cut, given the fact that the U. S. government is slowly but surely moving towards better regulation of #digital assets. Currently, #cryptocurrency gains are taxed in the same way as stocks in the U. S. Short-term capital gains (gains on assets held for less than a year) are taxed at a maximum rate of 37%, while long-term gains are taxed at 0-20% depending on the level of income. This tax treatment is an important financial factor for traders, especially those who trade large volumes in the volatile cryptocurrency sector. This development follows President Donald Trump’s major announcement on the US strategic #bitcoin reserve, which has already caused the market to be already stunned. The market reaction has been mixed. While some see this as a step towards making bitcoin a strategic reserve asset, others, including hedge fund manager Charles Edwards, accuse it of being ineffective. without tax breaks, investors will have to reconsider their plans. In any case, the crypto industry is waiting for the final decision. Read us at: Compass Investments