President Trump Supports Crypto Tax Exemption!

By Anthony • July 17, 2025 4:29 pm • Comments

They don’t call him the first crypto president for nothing.

The White House Press Secretary Karoline Leavitt has announced that President Trump supports crypto tax exemptions for transactions.

Leavitt, while addressing members of the press, said that Trump supports a $600 de minimis tax exemption on cryptocurrency transactions.

Trending: Air Force Veteran Loses $569,000 Worth Of XRP In Crypto Heist

Watch the moment she said it here:

Bitcoin News broke the story:

At Wednesday’s White House press briefing, Press Secretary Karoline Leavitt addressed the administration’s ongoing cryptocurrency agenda, including President Trump’s stance against a central bank digital currency (CBDC) and his support for crypto-friendly legislation currently advancing through Congress.

Speaking to Bitcoin Magazine White House correspondent Frank Corva, Leavitt said the president remains committed to making the United States a global hub for cryptocurrency innovation. When asked if Trump would support removing CBDC-related language from the Genius Act to help it move forward, Leavitt clarified the administration’s position.

“The president opposes [a CBDC],” Leavitt said. “He made that promise to the American people on the campaign, and while it’s not in this specific piece of legislation, he did sign a January executive order banning a central bank digital currency. The administration supports Congress’s efforts to codify that executive order into law.”

Although the Genius Act does not address CBDCs directly, Leavitt said the legislation has enough support to pass and confirmed the White House is planning a signing ceremony. Leavitt’s remarks came before all three crypto bills, including the anti-CBDC bill, the Clarity Act, and GENIUS Act, were passed in the House today.

“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,” she said. “This piece of legislation is going to make America the crypto capital of the world, and that’s what the president promised.”

Leavitt also spoke to the president’s support for a $600 de minimis tax exemption on bitcoin and other cryptocurrency transactions. Under current tax rules, even minor purchases made using digital assets are considered taxable events, a hurdle that crypto advocates say limits everyday adoption.

“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—as simple as buying a cup of coffee,” Leavitt stated. “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’s comments came as the House passed the crypto legislation titled the GENIUS Act.

Investing gave more details on the House’s latest move:

The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law.

The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year’s elections in order to promote pro-crypto candidates.

Shares of crypto-related companies were mostly higher after passage of the bill, dubbed the Genius Act, that would expand the Commodity Futures Trading Commission’s oversight of the industry.

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