Trump Pushes for Tax-Free Bitcoin Transactions: A New Era for Crypto?
The Big Announcement
In a groundbreaking move, the White House has confirmed that U.S. President Donald Trump plans to scrap capital gains taxes on Bitcoin transactions. This implies that using BTC for day-to-day purchases, like grabbing a coffee, won’t include the added burden of paying taxes on any gains your crypto might need made.
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WATCH 📺
The White House has announced that President Trump favors tax exemptions for small Bitcoin and crypto transactions 🇺🇸
This could reduce IRS hurdles for on a regular basis crypto use and open the door for wider adoption.
De Minimis Exemption: A Game Changer?
According to White House Press Secretary Karoline Leavitt, the administration is backing a “de minimis exemption” for crypto. The idea is to shield small crypto transactions from taxation, making it easier for people to make use of digital currencies like Bitcoin of their each day lives.
Why This Matters Now
Right now, even the tiniest Bitcoin transactions get taxed in case your BTC has appreciated since you acquire it. Ditching this tax for minor purchases could suddenly make Bitcoin a viable money alternative.
The Bigger Picture: GENIUS Act within the Spotlight
In a related development, Congress is about to vote on the GENIUS Act today, a significant piece of crypto laws. The White House is throwing its weight behind the bill, confidently expecting that it should pass. If all goes as planned, President Trump might be signing it into law as soon as tomorrow.
A Boost for the U.S. Crypto Scene
The GENIUS Act goals to invigorate the U.S. crypto economy by providing clear guidelines and inspiring innovation. This aligns with President Trump’s campaign promise to position America as the worldwide crypto leader.
What’s Next?
Stay tuned for updates because the U.S. House advances the CLARITY and GENIUS Acts following a marathon 10-hour vote.
Image Credit: www.cryptotimes.io
