The Trump administration supports cryptocurrency de minimis tax exemptions to make crypto payments more convenient and efficient.
Powered by ChatGPTOn July 18, according to The Block, White House Press Secretary Karoline Leavitt said on July 17 that the Trump administration will continue to support the implementation of a "de minimis exemption" policy for cryptocurrency transactions to make crypto payments more convenient and efficient. Such exemptions would exempt small, everyday purchases (such as "buying a cup of coffee") from tax reporting obligations. Although the relevant amendment was not passed in the "One Big Beautiful Bill Act" signed on July 4, the government plans to explore new legislative solutions. Leavitt also revealed that the Trump administration is planning to hold a signing ceremony for the stablecoin GENIUS Act, which is about to pass Congress, with the aim of making the United States the "cryptocurrency capital of the world." [TechFlow]