{"id":51242,"date":"2025-10-10T09:59:11","date_gmt":"2025-10-10T02:59:11","guid":{"rendered":"https:\/\/hbbgroup.net\/jack-dorsey-urges-tax-free-status-for-everyday-bitcoin-payments\/"},"modified":"2025-10-10T09:59:11","modified_gmt":"2025-10-10T02:59:11","slug":"jack-dorsey-urges-tax-free-status-for-everyday-bitcoin-payments","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/jack-dorsey-urges-tax-free-status-for-everyday-bitcoin-payments\/","title":{"rendered":"Jack Dorsey urges tax-free status for \u2018everyday\u2019 Bitcoin payments"},"content":{"rendered":"
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Jack Dorsey\u2019s payments company, Square, also announced the integration of Bitcoin payment services for businesses on Wednesday. <\/p>\n

\"Jack<\/picture><\/div>\n
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Jack Dorsey, founder of payments company Square, has urged the introduction of a de minimis tax exemption on small Bitcoin (BTC<\/a>) transactions to help make the cryptocurrency more suitable for everyday payments.<\/p>\n

\u201cWe want Bitcoin to be everyday money ASAP,\u201d Dorsey said<\/a> on Wednesday, following Square\u2019s integration of Bitcoin payment services<\/a> for merchants using the company\u2019s checkout and point-of-sale systems.<\/p>\n

His comments drew attention from Wyoming Senator Cynthia Lummis, who introduced a de minimis tax provision as part of a standalone crypto tax<\/a> bill in July, exempting<\/a> BTC transactions $300 or under from capital gains tax with an annual exemption cap of $5,000.<\/p>\n

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Source: <\/em>Cynthia Lummis<\/em><\/a><\/figcaption><\/figure>\n

Under current US tax laws, all Bitcoin transactions are subject to capital gains tax, which the holder must pay if the price of BTC rises above the initial purchase price, limiting Bitcoin\u2019s use as a medium of exchange.<\/p>\n

Bitcoin advocates continue to push for tax exemptions on small BTC transactions to encourage the digital currency\u2019s use as a peer-to-peer digital cash system envisioned in BTC creator Satoshi Nakamoto\u2019s whitepaper<\/a>, alongside its use as a store-of-value asset<\/a>.<\/p>\n

Related: <\/strong><\/em>US lawmakers grapple with crypto tax policy amid government shutdown<\/strong><\/em><\/a><\/p>\n

Crypto industry executives and supporters push for tax exemption<\/h2>\n

The United States Senate Committee on Finance held a hearing in October to discuss crypto tax regulation amid the US government shutdown<\/a>.<\/p>\n

Lawrence Zlatkin, the vice president of tax at crypto exchange Coinbase, asked the Senate to codify a de minimis tax exemption for crypto transactions of up to $300.<\/p>\n