- US Senator Cynthia Lummis reveals working on a De Minimis tax exemption.
- This tax exemption would apply to daily small BTC transactions.
- This move could further boost BTC adoption for daily use.
Since Trump’s latest term as President of the United States of America, pro-crypto policies have been taking over the country’s legislation. Trump has set up promising pro-crypto teams to ensure that cryptos will thrive after his regime. Amidst these improvements, Senator Cynthia Lummis reveals working on a De Minimis tax exemption for daily Bitcoin transactions, a move that can boost Bitcoin adoption even further.
Senator Cynthia Lummis Reveals Working on a De Minimis Tax Exemption
Trump’s administration has turned America into a highly pro-crypto nation. This was a promise that Trump made long before his presidential win. In fact, during his presidential campaign, Trump made many promises to improve the state of the crypto industry within the borders of America, and even spoke at the Bitcoin Conference, where he began his speech with a promise to fire Gary Gensler.
True to his word, Trump replaced Gary Gensler with a pro-crypto SEC Chair, leading to the end of many senseless legal battles against crypto and blockchain-centric companies, products, and services, including the long-fought battle with Ripple’s XRP. Trump has also delivered on many other promises, such as working alongside reputed industry experts to involve the government with blockchain technology.
Thus, Trump set up a crypto task force who are working to integrate digital assets wherever it makes sense to do so. Some of the biggest wins from this task force are the unveiling of the Clarity and Genius Acts, both aimed at bringing more security, understanding, and opportunity to foster the growth of innovation for the blockchain, crypto, and web3 industries within the United States of America.
Daily Bitcoin Transactions Can Be Tax-Free in the USA
Trump’s administration has also brought about the establishment of the Strategic Crypto and Bitcoin Reserve and Stockpile. A few months after the announcement, the team shared a report highlighting the many milestones accomplished so far and entailing details about the Reserve and Stockpile. The entity may soon begin to buy and hold Bitcoin (BTC) soon after current discussions come to a close.
Along with Trump, several pro-crypto leaders in the USA political realm are working hard to push additional pro-crypto policies. As we can see from the post above, Senator Cynthia Lummis says she’s working on a de minimis tax exemption for daily Bitcoin transactions. This move could further boost crypto adoption and encourage making small payments in BTC. She is currently urging supporters to contact their Senators and House members to support the proposal.
