US Lawmakers Consider Measures to Ease Bitcoin Use for Everyday Purchases and Tax Reporting
The post US Lawmakers Consider Measures to Ease Bitcoin Use for Everyday Purchases and Tax Reporting appeared on BitcoinEthereumNews.com.
US lawmakers are advancing efforts to integrate Bitcoin into everyday transactions by proposing tax exemptions for small purchases, aiming to simplify crypto use for consumers. Senator Cynthia Lummis and former Congressman Mike Rogers champion legislation like the GENIUS Act to establish clear regulatory frameworks for stablecoins and digital assets, fostering innovation while protecting consumers. According to COINOTAG, these initiatives reflect a growing bipartisan consensus to clarify digital asset classifications and reduce burdensome tax policies that currently hinder Bitcoin adoption in daily commerce. US lawmakers push to ease Bitcoin use in daily life by proposing tax exemptions and clearer regulations, promoting broader adoption and innovation in the crypto space. ‘, ‘ 🚀 Advanced Trading Tools Await You!Maximize your potential. Join now and start trading! ‘, ‘ 📈 Professional Trading PlatformLeverage advanced tools and a wide range of coins to boost your investments. Sign up now! ‘ ]; var adplace = document.getElementById(“ads-bitget”); if (adplace) { var sessperindex = parseInt(sessionStorage.getItem(“adsindexBitget”)); var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBitget.length) : sessperindex; adplace.innerHTML = adscodesBitget[adsindex]; sessperindex = adsindex === adscodesBitget.length – 1 ? 0 : adsindex + 1; sessionStorage.setItem(“adsindexBitget”, sessperindex); } })(); Legislative Advances to Simplify Bitcoin Use in Everyday Purchases The push by Senator Cynthia Lummis and ex-Congressman Mike Rogers to exempt small Bitcoin transactions from complex tax reporting marks a significant step toward mainstream crypto adoption. Currently, even minor Bitcoin payments, such as buying coffee or groceries, trigger tax obligations that many find cumbersome. This complexity discourages everyday use and limits Bitcoin’s potential as a practical currency. The proposed changes aim to remove these barriers, making Bitcoin a more viable option for routine spending. By reducing the regulatory friction on small-scale transactions, lawmakers hope to encourage wider consumer participation and normalize Bitcoin usage in daily commerce. Clarifying Digital Asset Classifications to Foster Regulatory…
Filed under: News - @ June 24, 2025 12:27 am