Jack Dorsey Proposes De Minimis Bitcoin Tax Exemption for Everyday Transactions

In a bid to boost Bitcoin adoption, entrepreneur and Block founder Jack Dorsey is advocating for a tax exemption of up to $300 on transactions made in Bitcoin. This proposal aims to simplify everyday payments with cryptocurrency, potentially increasing transaction volumes and streamlining financial systems. The move follows Square’s integration of Bitcoin payment services into its platform and comes as Senator Cynthia Lummis co-sponsors legislation regarding the de minimis tax exemption.