Overview
- Square rolled out Bitcoin payment acceptance for merchants on October 9 with no processing fees through 2026 across its checkout and point-of-sale systems.
- Jack Dorsey publicly called for a federal de minimis exemption for everyday BTC transactions, saying he wants Bitcoin to function as everyday money.
- Senator Cynthia Lummis replied that she is working on it and highlighted Senate Bill 2207, which has been referred to the Senate Finance Committee.
- Under current IRS rules treating crypto as property, even small purchases trigger taxable capital gains, creating a paperwork burden for consumers and merchants.
- Coinbase tax executive Lawrence Zlatkin urged senators at an October Finance Committee hearing to codify the exemption, while critics including Senator Elizabeth Warren warn of loopholes and tax enforcement risks.