Bitcoin supporters urge Congress to expand transaction tax exemptions to BTC and major network tokens

Several Bitcoin advocacy organizations, including the Bitcoin Policy Institute, recently sent a joint letter to the leaders of the U.S. Congress's tax committee, urging them to expand the minimum exemption scope to include Bitcoin and major network tokens, not just stablecoins.

The coalition proposed to treat stablecoins that meet the GENIUS standards like cash, while setting a market cap threshold of $25 billion for eligible network tokens to determine which network tokens qualify for the exemption, along with a single transaction limit of $600 and an annual cap of $20,000.