Bitcoin Advocates Urge Congress to Expand Tax Exemption for Transactions to Include BTC and Major Network Tokens

BlockBeats News, January 14th - The Bitcoin Policy Institute and several other Bitcoin advocacy organizations recently sent a joint letter to the leadership of the U.S. Congress Taxation Committee, urging to expand the de minimis exemption to cover Bitcoin and major network tokens, not just stablecoins. The alliance proposed to treat stablecoins that meet the GENIUS criteria as cash-like assets, while setting a $25 billion market cap threshold for qualifying network tokens to determine which ones are eligible for the exemption. They also specified a single transaction limit of $600 and an annual cap of $20,000.