In brief
- Block founder Jack Dorsey tweeted a call for a de minimis tax exemption on everyday Bitcoin transactions, prompting Sen. Cynthia Lummis to reply she’s “Working on it.”
- Lummis urged supporters of the tax exemption to contact their representatives.
- The exemption was part of crypto tax reforms that failed to make it into Trump’s reconciliation bill in July when pro-crypto senators ran out of time before the vote.
Block founder Jack Dorsey has called for a federal tax exemption on everyday Bitcoin transactions, urging for the revival of a legislative effort that fell short just months ago when pro-crypto senators ran out of time to attach critical tax reforms to President Trump’s massive reconciliation bill.
“We need a de minimis tax exemption for everyday bitcoin transactions,” Dorsey tweeted, as his payments company announced it is debuting a new Bitcoin payments and crypto-integrated wallet targeting small businesses using its Square point-of-sales system.
“Working on it. If this is of interest to y
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Author: Vismaya V
