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US Lawmakers May Limit De Minimis Tax Exemptions to Stablecoins, Excluding Bitcoin

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US lawmakers may restrict de minimis tax exemptions to stablecoins, leaving Bitcoin transactions subject to capital gains tax. The move could curb Bitcoin’s use as daily currency. Wyoming Senator Cynthia Lummis’s bill caps tax-free crypto sales at $5,000 annually and excludes Bitcoin from exemptions. Critics, including the Bitcoin Policy Institute, call the exclusion a 'severe mistake.' The timing raises questions about how these rules might affect the pending bitcoin ETF approval.
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