Bitcoin advocacy groups urge Congress to extend $600 tax exemption to BTC and major network tokens

A coalition including the Bitcoin Policy Institute sent a letter to U.S. congressional tax leaders on Jan. 14 calling for minimum tax transaction exemptions to cover Bitcoin and major network tokens rather than only stablecoins, BlockBeats reports. The alliance proposes stablecoins meeting GENIUS standards be treated like cash, while network tokens would need a market capitalization of at least $25 billion to qualify for the exemption. The proposal sets a $600 cap per transaction and a $20,000 annual limit.