Florida Pushes to Exempt Crypto Gains from State Tax

Florida has introduced a landmark bill that could exempt capital gains tax on Bitcoin, XRP, and traditional stock profits at the state level, potentially reshaping the U.S. crypto landscape. Spearheaded by Governor Ron DeSantis and Florida’s Republican leadership, the proposal aims to let investors keep more of their earnings, giving the state a competitive advantage in attracting crypto investment. While federal capital gains taxes remain unaffected, the move signals growing state-level support for digital assets.

Following the bill’s announcement, Bitcoin rose 2.4% to about $109,835, with XRP climbing 2.2% to $2.34, reflecting renewed optimism. Analysts see potential for Bitcoin to reach $135,000 within three months if the bill passes. The proposal aligns with former President Donald Trump’s national agenda promoting crypto-friendly regulations. With 27 states under Republican control, similar tax reforms could soon gain traction nationwide.

Public opinion is mixed: supporters hail the bill as a step toward making Florida the crypto capital of the U.S., attracting major investors and businesses. Critics caution it may complicate tax filings and create conflicts with federal rules. Regardless, the bill’s passage could spur a wave of state initiatives, increasing pressure on Congress to unify crypto taxation and foster broader adoption across the country. This development marks a pivotal moment in the evolution of U.S. crypto policy.