White House Briefing on Cryptocurrency Policy
In a recent briefing, the White House made it clear that President Donald Trump is against the establishment of a central bank digital currency (CBDC) while advocating for a tax exemption that would ease the burden on minor cryptocurrency transactions. Press Secretary Karoline Leavitt outlined the administration’s cryptocurrency plans, emphasizing Trump’s commitment to fostering a pro-crypto environment in the U.S. and his previously stated opposition to CBDCs.
Opposition to CBDCs
During the session, Leavitt reiterated Trump’s promise made during his campaign against CBDCs, referencing an executive order from January that prohibits such currencies.
“The president opposes [a CBDC],”
she stated, underlining the administration’s desire to have Congress solidify this directive into law.
Legislative Developments
Though the Genius Act—a key piece of cryptocurrency legislation currently in debate—does not directly tackle the CBDC issue, Leavitt expressed confidence in its future passage, revealing a signing ceremony is expected soon. She mentioned,
“We know we have the votes and we expect it to get to the president’s desk, and we are planning a signing ceremony tomorrow afternoon.”
This act is part of a broader strategy that aims to establish the U.S. as a leader in cryptocurrency innovation.
Tax Exemption for Cryptocurrency Transactions
Additionally, Leavitt discussed the proposed $600 de minimis tax exemption for crypto transactions, addressing a significant barrier to everyday use of digital currencies. Currently, even small purchases made with cryptocurrency trigger tax liabilities, which discourages casual use. However, with a de minimis exemption, users could conduct small transactions, such as buying coffee, with less regulatory hassle.
“The president did signal his support for crypto and the administration to make [it] easier and more efficient for those who seek to use crypto,”
she said.
Future of Cryptocurrency Legislation
While legislation to implement this tax exemption has not yet been formalized, the White House’s backing suggests a shift in policy that could enhance the practicality of using cryptocurrencies in daily commerce. Leavitt concluded by hinting at further cryptocurrency legislation expected to emerge from Congress shortly, expressing that the president remains keen on promoting laws that bolster digital asset adoption.
