Bitcoin supporters urge Congress to expand transaction tax exemptions to BTC and major network tokens

BlockBeats news, on January 14, several bitcoin advocacy organizations, including the Bitcoin Policy Institute, jointly sent a letter to U.S. Congressional tax leaders, urging them to expand the minimum exemption scope to include bitcoin and major network tokens, not just stablecoins. The alliance proposed that stablecoins meeting the GENIUS standard be treated like cash, while setting a market capitalization threshold of $2.5 billion for eligible network tokens to determine which network tokens qualify for exemption. Additionally, they suggested a single transaction limit of $600 and an annual cap of $20,000.