The White House has officially announced that U.S. President Donald Trump will eliminate capital gains taxes on Bitcoin transactions. In the future, individuals using BTC to buy everyday items, such as a cup of coffee, will no longer need to pay extra taxes on the appreciation of their crypto.
White House Press Secretary Karoline Leavitt stated the administration is in favor of a “de minimis exemption” for cryptocurrency. Such an exemption would exempt minor crypto transactions from taxation. This way, individuals can more conveniently utilize digital currencies such as Bitcoin for everyday use.
Currently, even small transactions in Bitcoin are taxed if the BTC reserve has appreciated in value since it was purchased. Eliminating that tax for small purchases could make crypto a genuine alternative to cash.
At the same time, Congress will be voting today on the GENIUS Act, large-scale crypto legislation. The White House has been heavily backing the bill, stating that the administration believes they have the necessary votes, and there should be a signing ceremony with President Trump scheduled for tomorrow.
The GENIUS Act should stimulate the U.S. crypto economy, giving clear direction and stimulating innovation. It is in line with President Trump’s presidential campaign pledge to make America the world’s crypto capital.
Also Read: U.S. House Advances CLARITY, GENIUS Acts After 10-Hour Vote
