White House spokesperson Karoline Leavitt stated that the Trump administration still supports establishing a 'minimum tax exemption (de minimis)' for 'small cryptocurrency transactions' in future legislation, paving the way for the widespread use of cryptocurrency payments.
Karoline Leavitt pointed out at a press conference on Thursday: 'The President has previously publicly expressed support for a minimum tax exemption for cryptocurrency, and the government will continue to support this policy.'
We are pleased to see such policies taking shape, making cryptocurrency payments easier and more efficient—allowing people to use cryptocurrency as casually as buying a cup of coffee. Although this is not feasible at the moment, once small cryptocurrency transactions are exempt from tax, this vision may indeed come true. We will continue to explore feasible legislative solutions.
She added that the Trump administration is currently preparing to hold a signing ceremony for the stablecoin regulatory bill (GENIUS Act).
According to the current regulations of the Internal Revenue Service (IRS) in the United States, all transactions involving cryptocurrency must be reported by law, regardless of the transaction amount or whether capital gains are generated. This has become a major obstacle for the public to use cryptocurrency for daily consumption.
In fact, as early as 2020, two Democratic Congress members proposed the (Virtual Currency Tax Fairness Act of 2020), which would exempt realized gains from cryptocurrency transactions below $200 from taxation, setting $200 as the minimum taxable threshold. A similar bill was proposed again in 2022, but neither was able to secure a voting opportunity.
This year, Wyoming Republican Senator Cynthia Lummis proposed to include a 'small cryptocurrency tax exemption clause' in the (Big and Beautiful Act), raising the threshold to $300, but ultimately did not receive enough votes to be included in the formal bill.
"The Trump administration releases more good news for the cryptocurrency community! Supporting the promotion of 'small cryptocurrency transactions' being tax-exempt" was first published in (Block Customer).
