Congress should extend de minimis tax relief to both payment stablecoins and major network tokens like Bitcoin to make everyday digital asset payments practical.

Dear Chairman Crapo and Chairman Smith:

We, the undersigned organizations and companies, write to express our appreciation for both of your Committees' ongoing work to provide clear, durable rules for the taxation of digital assets and to comment on potential de minimis tax provisions for small digital asset transactions. We are concerned that current discussions may result in a de minimis exemption limited only to 'payment stablecoins' meeting the requirements laid out in the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, without extending comparable relief to Bitcoin and other network tokens that underpin those same payments.¹

We are also concerned that basing a de minimis threshold on capital gain or loss, rather than transaction value, would fail to achieve the intended simplification in calculation and reporting.

As Congress has recognized in recent bipartisan market structure proposals, digital assets serve distinct functional roles. These proposals distinguish payment stablecoins from network tokens - digital assets that are integral to the operation, security, and transaction execution of open blockchain networks and that are not issued or backed by a centralized entity.

...read more at btcpolicy.org