On Sunday, a coalition led by Bitcoin Policy Institute and groups including Bitcoin Voter, Blocks, the Crypto Council, the Digital Chamber, MoonPay, and River sent a letter to Senate Finance Chair Michael Crapo and House Ways and Means Chair Jason Smith urging Congress to extend planned de minimis tax exemptions beyond stablecoins to include Bitcoin and major network tokens. The groups said limiting relief to GENIUS-compliant stablecoins would leave everyday crypto payments mired in compliance burdens (the letter is linked here).
The coalition asked for cash-like treatment for GENIUS payment stablecoins with no transaction or annual limits. For network tokens, it proposed a $25 billion market-cap threshold, a $600 per-transaction limit, and a $20,000 annual cap.
“Payment stablecoins do not operate in a vacuum; they run on open blockchain networks that rely on separate network tokens for consensus, security, and transaction execution,” the letter stated. The groups argued both asset types must receive relief for the policy to work.
The letter noted about 45 million Americans hold crypto and Federal Reserve data shows roughly 7 million used Bitcoin or other network tokens for payments in 2024. It also said more than 3,500 merchants across all 50 states now accept Bitcoin.
“Imagine having to pay capital gains every time you swipe a card? It’s definitely discouraging crypto payments,” said Zakhil Suresh of BitSave. New broker reporting rules that start reporting digital asset sales on Form 1099-DA from January 1, 2025, add urgency, the coalition warned, and “Without calibrated de minimis relief, the result will be widespread discrepancies,” the letter concluded.
According to market data, further context is available here, and the coalition also stated its case on Twitter.
