Opinion: Completely abolishing cryptocurrency capital gains tax requires congressional approval, which is unlikely to happen in the short term

Odaily Planet Daily News: Dennis Porter, co-founder of Satoshi Action Fund, wrote on X: "Political reality: Completely abolishing capital gains tax on cryptocurrencies requires congressional approval and is unlikely to be achieved in the short term. The main obstacle is the significant loss of tax revenue, which makes it difficult for such a proposal to be included in the upcoming tax bill. At present, the current government's top priority is to restore the Trump-era tax cuts. Any policy that threatens these tax cuts will be shelved. However, we can take a meaningful step forward. I strongly encourage the Bitcoin and digital asset industry to focus on ensuring a minimum tax exemption of $200 for Bitcoin and other digital asset transactions. This proposal is consistent with the existing $200 This is a more achievable and reasonable goal that would have little impact on Trump’s ability to renew the tax cuts. Americans who live off Bitcoin and digital assets should not have to report every small transaction, such as the purchase of a coffee, meal, or groceries, for tax purposes. This is too onerous a task, and it is time to simplify the tax code. I also know that there is bipartisan support in Congress for this idea, which will be critical if we want it to become a reality. Two key considerations for a de minimis exemption: 1. It must be indexed to inflation to remain relevant over the long term. 2. It provides a practical, bipartisan solution that balances innovation and fairness. I think it is important to make progress by promoting reasonable pro-Bitcoin and digital asset policies. PS: While this will have a small impact on revenue, it may be important to fund the ‘pay for’ to ensure the de minimis proposal does not get scrapped. ”