The Trump administration is considering a tax exemption for Bitcoin transactions under $600 to encourage the use of cryptocurrency in everyday life.
This proposal received support from President Trump, while cryptocurrency-related bills are being considered by the U.S. Congress to strengthen the U.S. position in the global crypto market.
MAIN CONTENT
The Trump administration supports tax exemption for Bitcoin transactions under $600.
Three major cryptocurrency bills have been passed by the U.S. Congress.
The government opposes the issuance of cryptocurrency by the Central Bank (CBDC).
How does the Trump administration plan to exempt taxes on small Bitcoin transactions?
White House spokesperson Karoline Leavitt confirmed that the Trump administration is studying a tax exemption for Bitcoin transactions under $600 to encourage the use of cryptocurrency in daily payments.
Leavitt emphasized: 'We want to simplify the use of cryptocurrency for small transactions like buying coffee. It is not currently possible, but with this tax exemption, the future may change.' The president has also expressed strong support for this policy.
'We are fully prepared to facilitate cryptocurrency payments, helping users utilize crypto more effectively and easily.'
Karoline Leavitt, White House spokesperson, July 2025
This proposal is expected to make significant progress for the widespread adoption of cryptocurrency in the U.S., helping to handle low costs and reduce the tax burden for daily transactions.
What cryptocurrency-related bills has the U.S. Congress passed?
In July 2025, the U.S. House of Representatives passed three major bills including the GENIUS Act, CLARITY Act, and CBDC Anti-Surveillance State Act, marking an important reform in the cryptocurrency legal framework.
These bills are intended to establish clear regulations on stablecoins (GENIUS Act), decentralize the management of digital assets between the SEC and CFTC (CLARITY Act), and prohibit the issuance of FED's centralized cryptocurrency (CBDC Anti-Surveillance State Act).
'This will be a legal action to help the U.S. become the cryptocurrency capital of the world, as promised by the President.'
Karoline Leavitt, White House spokesperson, July 2025
However, some senators like Elizabeth Warren reflect concerns that the bill could pave the way for large corporations to issue their own Tokens, posing long-term risks.
Opposition from lawmakers regarding the bill
Senator Elizabeth Warren believes the bill will allow tech giants like Elon Musk and Mark Zuckerberg to issue their own 'private' currencies, undermining financial transparency and safety.
This is a major point of contention between those representing innovation and those concerned about legal risks, necessitating careful consideration of these bills.
What is Trump's policy on Central Bank Digital Currency (CBDC)?
The Trump administration strongly opposes the creation and issuance of CBDCs, viewing them as a risk to financial control and a threat to citizens' privacy.
In January 2025, President Trump signed an executive order banning the construction of CBDCs and supporting Congress in turning this order into law.
The White House spokesperson stated that many cryptocurrency-related bills are being prepared and will be pushed through Congress to protect financial freedom and prioritize decentralized solutions.
How is the tax issue with Bitcoin mining being addressed?
Senator Cynthia Lummis proposed amending digital asset tax laws, including tax exemptions for Bitcoin transactions under $300 and adjustments to tax regulations for mining and staking cryptocurrency.
Currently, the IRS taxes Bitcoin miners both when mining and when selling, causing an inconsistency as Bitcoin is considered the only product taxed this way.
Frequently asked questions
1. What will the tax exemption for Bitcoin transactions under $600 change?
This makes it easier for users to use Bitcoin and cryptocurrency for small transactions without having to pay income tax, stimulating crypto payments.
2. What are the highlights of the three new U.S. cryptocurrency bills?
GENIUS Act regulates stablecoins, CLARITY Act delineates the management of digital assets, and the CBDC Anti-Surveillance State Act prohibits the issuance of CBDCs.
3. Why does the Trump administration oppose CBDCs?
They argue that CBDCs pose a risk of financial surveillance and infringe on user privacy.
4. How does the IRS currently tax Bitcoin mining?
The IRS taxes both the mining and sale of Bitcoin, which puts the Bitcoin mining industry in legal difficulties.
5. What will be the future policy on cryptocurrency in the U.S.?
The administration supports legal initiatives to promote the widespread and safer use of cryptocurrency while opposing forms of centralized regulation.
Source: https://tintucbitcoin.com/trump-ung-ho-bitcoin-mien-thue-toi-thieu/
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