U.S. Treasury: Congress Needs to Pass Crypto Legislation This Spring
U.S. Treasury Secretary Scott Bessent said Friday that Congress must move quickly to pass crypto legislation establishing clear federal rules for digital assets, urging lawmakers to deliver the bill to President Donald Trump’s desk for signature this spring.Senator Cynthia Lummis raised the possibility of a de minimis Bitcoin tax exemption for small transactions and asked for clearer guidance on calculating capital gains across mixed-cost portfolios, with Bessent offering to have Treasury’s tax policy office engage with her team.
The hearing followed Bessent’s earlier testimony that the government cannot bail out bitcoin or direct banks to hold crypto, and that seized BTC will now be retained in the Strategic Bitcoin Reserve rather than sold.
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