White House Confirms Trump's Support for Bitcoin Tax Exemption
During today’s White House press briefing, Bitcoin Magazine political correspondent Frank Corva asked Press Secretary Karoline Leavitt two critical questions: 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 that the president has signaled support and the administration 'continues to be in support of that.' She stated: '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. 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.'
GENIUS Act and Supporting Legislation Package
Leavitt confirmed that Congress is preparing to deliver the GENIUS Act to Trump's desk after a procedural victory yesterday. 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. The GENIUS Act primarily addresses stablecoin regulation, the CLARITY Act establishes clear oversight divisions between the SEC and CFTC for digital commodities like Bitcoin, and the Anti-CBDC Act prohibits Federal Reserve issuance of a central bank digital currency. Leavitt announced a signing ceremony 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.'
Administration’s Anti-CBDC Stance
The administration remains unwavering in its opposition to CBDCs. '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.' The Anti-CBDC Act aims to codify that executive order into law.
Future Crypto Legislation Outlook
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. This signals the Trump administration’s intent to continue using legislative measures to solidify U.S. leadership in crypto and create a regulatory framework for everyday use of digital assets.