Trump Administration Proposes De Minimis Crypto Tax Relief Bill

White House Press Secretary Karoline Leavitt confirmed during a July 17 briefing that President Trump favors excluding minor crypto gains under $600 from capital gains tax requirements. The administration plans to work with Congress on bills like the Virtual Currency Tax Fairness Act to implement the exemption.

Leavitt stated the administration wants to eliminate tax reporting requirements for small transactions such as buying coffee with Bitcoin or other cryptocurrencies. The announcement came during a White House press conference following Congress’s passage of the “Big Beautiful Bill” on July 4, which did not include a crypto tax exemption amendment.

“We are definitely receptive to it to make crypto payments easier and more efficient for those who seek to use crypto as simple as buying a cup of coffee — of course, right now, that cannot happen, but with the de minimis exemption perhaps it could in the future, and we will continue to explore legislative solutions to accomplish that,”

Leavitt said.

The administration aims to remove tax friction that currently hinders cryptocurrency adoption for routine commerce. Under current tax law, any crypto transaction that results in a gain must be reported to the IRS, regardless of the amount.

Leavitt noted that while the July 4 legislative package lacked the crypto exemption, the administration remains “definitely receptive” to future bills. The White House will work with lawmakers on proposals like Senator Cynthia Lummis’s Virtual Currency Tax Fairness Act, which seeks to exempt gains under $300.

President Trump also plans a signing ceremony for the stablecoin-focused GENIUS Act, supporting his stated goal to make the United States “the crypto capital of the world.”

Since 2020, lawmakers have introduced multiple de minimis proposals, from the Virtual Currency Tax Fairness Act to provisions in broader tax packages, but none have reached final passage. Countries like Portugal and Thailand already exempt small crypto trades from capital gains tax, providing a model for U.S. policymakers considering similar policies to boost retail cryptocurrency adoption.