Bitcoin Advocates Press US Lawmakers on Stablecoin Tax Rules
A coalition of Bitcoin advocacy groups urged Congress to extend de minimis tax exemptions for everyday crypto transactions to include Bitcoin and major network tokens, not just stablecoins. They argue that restricting relief to dollar-pegged tokens under the GENIUS Act would fail to address the tax compliance burdens faced by millions of Americans using crypto for payments. Current law treats crypto as property, requiring Americans to track gains and losses on even small purchases, such as a coffee with Bitcoin. The coalition proposes that major network tokens—determined by a $25 billion market cap minimum—also qualify for tax exemptions on transactions up to $600, within a $20,000 annual cap. They emphasized that payment stablecoins and network tokens operate together on blockchains, so tax relief must cover both to be effective. The groups highlight the growing adoption of Bitcoin in everyday commerce, with millions of users and thousands of accepting merchants across the U.S. They warn that new IRS reporting rules set for 2025 add urgency to simplify crypto tax rules to prevent complexity, audit risks, and compliance burdens disproportionate to transaction value.
