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Trump Signals Support for Tax Break on Small Crypto Transactions
President Trump has expressed his support for a tax exemption on small crypto transactions, with the goal of making digital asset payments more practical and efficient for everyday purchases. This move is seen as a significant step towards fostering the adoption of cryptocurrencies in the United States.
According to White House Press Secretary Karoline Leavitt, Trump’s administration backs a de minimis tax exemption, which would exempt small crypto transactions from taxation. This policy change aims to simplify the process of using cryptocurrencies for daily purchases and encourage greater participation in the digital asset market.
The President has also pledged to sign legislation that establishes a clear framework for regulating stablecoins, a crucial step towards strengthening America’s position in the global cryptocurrency industry. The administration remains confident that the bill will pass Congress and reach Trump’s desk this week.
Notably, Trump reiterated his opposition to the development of a central bank digital currency (CBDC), having previously signed an executive order prohibiting its creation. The White House has scheduled a signing ceremony for the GENIUS Act, which aims to codify this prohibition into law.
This move comes on the heels of Senator Cynthia Lummis’ introduction of legislation aimed at exempting transactions under $300 from taxation and altering the tax implications for mined or staked crypto.
Source: cryptobriefing.com
