Jack Dorsey and Lummis Advocate for Tax Exemption on Small Bitcoin Transactions, Block Simultaneously Expands BTC Payment Business
Jinse Finance reported that Block founder Jack Dorsey has called for a "small-amount tax exemption" policy for everyday bitcoin transactions. U.S. Senator Cynthia Lummis responded by saying that it is "being advanced" and urged the public to contact their representatives in support. This proposal was not passed in Trump's bill in July. Dorsey also announced that Block will launch bitcoin payment and crypto wallet services for small and medium-sized businesses. Industry insiders believe that tax exemptions can reduce reporting burdens, but supporting regulatory and exchange mechanisms are still needed to promote adoption.
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