US legislators are advancing proposals aimed at simplifying Bitcoin’s use for daily transactions by tackling tax complexities and establishing a clearer regulatory environment.
Senator Cynthia Lummis and former Congressman Mike Rogers are championing tax exemptions specifically designed to lower barriers for Bitcoin utilization in small-scale, everyday purchases.
The proposed GENIUS Act seeks to provide a transparent federal regulatory framework, encouraging responsible growth and innovation within the cryptocurrency sector.
Complementing federal actions, state-level initiatives like Michigan’s ‘Cryptocurrency Bill of Rights’ and Wyoming’s crypto-specific legislation are working to foster broader adoption.
Lawmakers are also targeting ‘double taxation’ issues affecting long-term Bitcoin holders, aiming to create a more equitable tax environment.
This legislative push for clearer regulations and tax simplification aligns with widespread calls from the cryptocurrency community for reduced compliance burdens and greater mainstream adoption.