Despite a push from Senator Cynthia Lummis (R-WY), an amendment regarding de minimus capital gains exemption on crypto spending was not included in the version of the One Big Beautiful Act that passed in the Senate.
A bill introduced to the Rhode Island Senate would enable the state’s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes.
By eliminating capital gains taxes on Bitcoin, the Trump administration can spur U.S. innovation, strengthen the nation’s economic sovereignty, and ensure everyday Americans gain equal footing in the world’s rapidly evolving digital economy.