Overview

• Square rolled out integrated Bitcoin acceptance for merchants on October 9 with fee waivers through 2026, aiming to make BTC practical at checkout.
• Jack Dorsey publicly urged a federal de minimis exemption for everyday Bitcoin use, and Senator Cynthia Lummis replied that she is working on it.
• Senate Bill 2207, introduced by Lummis, would exclude small BTC transactions from capital-gains reporting at roughly $300 per purchase up to $5,000 annually and has been referred to the Senate Finance Committee.
• Under current IRS rules treating crypto as property, even small purchases trigger taxable events, a burden industry figures like Coinbase’s Lawrence Zlatkin say stifles U.S. payment innovation versus jurisdictions such as Germany, Portugal, and the UAE.
• Opponents including Senator Elizabeth Warren argue the exemption could weaken compliance and widen tax gaps, leaving the measure’s path uncertain despite fresh industry pressure.