White House Confirms President Trump’s Support For Bitcoin Tax Exemption

Bitcoin Magazine

White House Confirms President Trump’s Support For Bitcoin Tax Exemption

The Trump administration is actively exploring a de minimis tax exemption for Bitcoin transactions to eliminate barriers to everyday Bitcoin and crypto use, White House Press Secretary Karoline Leavitt confirmed during today’s press briefing. 

During today’s White House press briefing, Bitcoin Magazine’s political correspondent, Frank Corva, asked two critical questions to Press Secretary Karoline Leavitt: whether President Trump favors removing central bank digital currency language from the GENIUS Act to ensure passage, and about Trump’s previous comments regarding a $600 de minimis tax exemption for Bitcoin transactions.  

Leavitt responded by revealing that President Trump has already signaled support for the exemption and that the administration “continues to be in support of that.” 

BREAKING: White House says it is exploring de minimis tax exemption for Bitcoin "to make crypto payments easier." pic.twitter.com/4iBtqGdcZQ

“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 stated. “Of course right now that cannot happen, but with the de minimis exemption, perhaps it could in the future, and we will continue to explore legislative solutions to accomplish that.” 

The timing coincides with Congress preparing to deliver the GENIUS Act to Trump’s desk following yesterday’s procedural victory. On July 16, the House passed a motion advancing the GENIUS Act alongside the CLARITY Act and Anti-CBDC Surveillance State Act, overcoming resistance from some Republicans who demanded stronger central bank digital currency protections.

Leavitt confirmed a signing ceremony is scheduled for tomorrow afternoon, describing the legislation as pivotal to fulfilling Trump’s campaign promise. “This piece of legislation is going to make America the crypto capital of the world, and that’s what the president promised,” she declared. 

The GENIUS Act primarily addresses stablecoin regulation, while the CLARITY Act establishes clear oversight divisions between the SEC and CFTC for digital commodities like Bitcoin. The Anti-CBDC Act prohibits Federal Reserve issuance of a central bank digital currency.

JUST IN: President Donald Trump said "We are going to show the World how to WIN with Digital Assets like never before!" pic.twitter.com/nm7LHLzPLZ

The administration’s anti-CBDC stance remains unwavering. “The president opposes that,” Leavitt emphasized. “He made that promise to the American people on the campaign, and while it’s not in this specific piece of legislation, he did sign a January executive order banning a central bank digital currency.” 

Looking ahead, Leavitt indicated more cryptocurrency legislation will emerge from Capitol Hill. “The administration supports Congress’s efforts to codify that executive order into law, and I believe there will be future pieces of legislation in regards to crypto that will be moving through Capitol Hill,” she said. 

JUST IN: Trump's Executive Director Bo Hines says the crypto industry will probably go to “$15-$20 trillion” after stablecoin legislation becomes law.

Bullish

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This post White House Confirms President Trump’s Support For Bitcoin Tax Exemption first appeared on Bitcoin Magazine and is written by Jenna Montgomery.