White House Confirms Donald Trump’s Support for Crypto Tax Exemption

The White House has confirmed that President Donald Trump supports a new policy that could eliminate capital gains tax on Bitcoin and other cryptocurrency payments. This move is seen as a significant step toward making crypto transactions easier and more accessible for Americans.

Donald Trump Support for Crypto Tax Exemption

During a recent briefing, a White House representative confirmed that President Donald Trump is in favor of a “de minimis exemption” for crypto transactions. This exemption would mean that small crypto payments, under $600, would not trigger capital gains tax. The goal is to make using crypto for everyday purchases, such as buying coffee, more practical without the burden of additional tax filings.

“We are definitely receptive to it to make crypto payments easier and more efficient,” She said. “With a de minimis exemption, perhaps it could be possible for people to use their crypto as simply as they would use traditional currencies,” she continued.

This initiative follows President Trump’s broader promise to support policies that encourage the growth of cryptocurrency in the U.S., positioning the country as the world’s crypto capital. Moreover, amid these projections, Senator Cynthia Lummis introduced a bill earlier this month including a $300 exemption for daily crypto transactions, aligning with Donald Trump vision.

Trump Stance on CLARITY Act

The House of Representatives is currently voting on the CLARITY Act (H.R. 3633), which has been introduced by Chairman Frank and others. This piece of legislation is expected to provide more clarity on how cryptocurrency will be regulated in the U.S. The bill’s passage is seen as a positive step in making the U.S. a leader in the global crypto market.

Frank and other officials involved in the discussion have also expressed optimism about the future of crypto legislation. The White House confirmed that Trump has been supportive of the CLARITY Act, which is part of a larger initiative to create a favorable environment for cryptocurrency businesses and users.

“I believe we have the votes, and we expect it to get to the President’s desk,” said the White House representative. The bill is expected to pass through the House and Senate, and a signing ceremony is anticipated soon after its passage.

International Perspectives on Crypto Tax Exemption

Several countries have already taken steps to create favorable tax policies for cryptocurrency transactions. Thailand, for instance, announced earlier this year that it would exempt crypto transactions from capital gains tax until 2029.

Other countries, like Portugal, have also adopted favorable tax policies for cryptocurrencies. In the same vein, Germany also exempts holders of cryptocurrencies that realize profits after more than a year of ownership.

Besides Thailand and Portugal, other countries such as Switzerland and Malta have enacted tax exemptions or favorable taxation of crypto transactions.