Key Takeaways
- The Trump administration supports a tax exemption for small crypto transactions.
- Trump opposes a central bank digital currency and backs legislation to prohibit its development.
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President Trump has signaled support for a tax exemption on small crypto transactions, aiming to make digital asset payments more practical for everyday purchases, White House Press Secretary Karoline Leavitt said today.
“We are definitely receptive to it, to make crypto payments easier and more efficient for those who seek to use crypto as simple as buying a cup of coffee,” Leavitt said during a press briefing, responding to a question from Bitcoin Magazine’s Frank Korva about the President’s support for a $600 de minimis tax exemption on everyday crypto transactions.
Leavitt also confirmed that Trump will sign the GENIUS Act, legislation aimed at establishing a clear framework for regulating stablecoins and strengthening America’s position in the crypto industry.
The administration is confident that the bill has enough support to clear Congress later today.
Trump previously said he expected the bill to reach his desk this week. According to Leavitt, the White House has scheduled a signing ceremony for the following afternoon.
“We know we have the votes, and we expect it to get to the President’s desk, and we are planning a signing ceremony tomorrow afternoon,” she said. “This piece of legislation is going to make America the crypto capital of the world, and that’s what the President promised.”
The press secretary reiterated Trump’s opposition to a central bank digital currency (CBDC), noting that he signed an executive order in January prohibiting its development.
“The administration supports Congress’ efforts to codify that executive order into law,” Leavitt said.
Earlier this month, Senator Cynthia Lummis introduced legislation to reform US crypto taxation, aiming to exempt transactions under $300 and alter the tax implications for mined or staked crypto.
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