TechFlow reports on January 14 that, according to Decrypt, several Bitcoin advocacy organizations including the Bitcoin Policy Institute recently jointly sent a letter to tax leaders in the U.S. Congress, urging the expansion of proposed tax relief measures to include Bitcoin and major network tokens, rather than limiting them solely to stablecoins. The coalition warned that offering tax relief exclusively for stablecoins qualifying under the GENIUS Act would fail to address compliance challenges faced by millions of Americans using cryptocurrencies for daily payments.
The coalition recommends applying cash-like tax treatment to payment stablecoins that meet the criteria of the GENIUS Act, and proposes a $2.5 billion market capitalization threshold to determine which network tokens would qualify for tax relief. The letter notes that currently over 3,500 merchants across all 50 U.S. states accept Bitcoin payments, making the United States the largest market for Bitcoin-based payments.
