Leavitt: Trump Is 'Receptive' To A $600 De Minimis Tax Exemption For Cryptocurrencies

Forbes Breaking News

During a press conference on Thursday, White House Press Secretary Karoline Leavitt said President Trump was "supportive" of giving a $600 tax exemption to cryptocurrencies.

Transcript

00:00...comes at a timely week with crypto legislation moving across Capitol Hill.

00:03So why don't you kick us off, Frank, and thanks for being with us.

00:06Thank you so much. We appreciate it, Ms. Levitt.

00:08Sure.

00:08I was curious to hear if the President was in favor of removing any and all language

00:13around central bank digital currencies from the Genius Act,

00:15maybe as a means to get it across the line and get it on his desk.

00:18And then my second question was about something the President spoke about in this room.

00:22He talked about a $600 de minimis tax exemption for Bitcoin and other crypto spending.

00:27So I was just wondering if you could comment on those.

00:28Sure. Well, the President did signal his support for a de minimis exemption for crypto,

00:34and the administration continues to be in support of that.

00:37We are definitely receptive to it to make crypto payments easier and more efficient

00:41for those who seek to use crypto as simple as buying a cup of coffee.

00:45Of course, right now that cannot happen, but with the de minimis exemption,

00:49perhaps it could in the future, and we will continue to explore legislative solutions to accomplish that.

00:54As for the central bank digital currency and the Genius Act, which you noted,

00:58has passed through Congress and will be sent to the President's desk.

01:01I believe the House is voting on it.

01:03If they have it, they should be passing it.

01:05We know we have the votes, and we expect it to get to the President's desk,

01:08and we are planning a signing ceremony tomorrow afternoon.

01:11All of you will get more details on that.

01:13This piece of legislation is going to make America the crypto capital of the world,

01:18and that's what the President promised.

01:20As for a central bank digital currency, the President opposes that.

01:23He made that promise to the American people on the campaign,

01:26and while it's not in this specific piece of legislation,

01:29he did sign a January executive order banning a central bank digital currency.

01:34The administration supports Congress's efforts to codify that executive order into law,

01:39and I believe there will be future pieces of legislation in regards to crypto

01:42that will be moving through Capitol Hill.

01:44The President looks forward to signing them,

01:46and he looks forward to the signing ceremony this afternoon.

01:48So thank you for being with us today.

01:50Sure.

Category

Transcript

Recommended