Donald Trump's administration is leaning toward a major shift in tax policy related to cryptocurrencies. According to White House Press Secretary Karoline Leavitt, the president supports a “de minimis” exemption that would eliminate capital gains taxes on crypto transactions under $600.
🎙️ “We want crypto to be as easy to use as buying a cup of coffee,” Leavitt said, adding that the administration is actively seeking a legislative path to implement the exemption and make everyday crypto usage a reality for Americans.
📜 House Passes Major Crypto Legislation
The push for a tax exemption comes as the House of Representatives just passed three major cryptocurrency bills — the GENIUS Act, the CLARITY Act, and the CBDC Anti-Surveillance State Act. This marks the most significant regulatory overhaul for crypto in U.S. history.
🔹 The GENIUS Act focuses on setting clear rules for stablecoins.
🔹 The CLARITY Act divides regulatory authority between the SEC and CFTC based on the type of digital asset.
🔹 The CBDC bill bans the creation of a central bank digital currency (CBDC), reaffirming the White House’s opposition to a government-issued digital dollar.
According to Leavitt, this move fulfills Trump’s campaign promise to make the U.S. a global crypto hub:
“This legislation will make America the crypto capital of the world — exactly what the president promised,” she said.
🏛️ Democrats Warn of Weak Oversight
Not everyone in Congress is on board. Senator Elizabeth Warren criticized the bills for potentially opening the door to tech giants like Elon Musk and Mark Zuckerberg, who could use the new framework to launch their own private currencies.
“If this bill passes, it will allow corporations and tech giants to issue their own private money,” Warren warned.
🏗️ More Crypto Laws on the Way
The White House also confirmed plans to codify Trump’s January executive order, which banned the development of a CBDC. More crypto-related legislation is expected to follow, covering mining, staking, and tax clarity.
⚒️ Bitcoin Mining and Tax Ambiguities
Lawmakers like Senator Cynthia Lummis are proposing sweeping tax reforms for digital assets, including exempting crypto transactions under $300, and adjusting the tax treatment of mined and staked assets.
One of the biggest unresolved issues remains the IRS’s approach to mining, where the agency taxes Bitcoin miners both at the time of mining and upon selling the coins — a practice not applied to any other asset class.
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