US Encourages Crypto Adoption: Bitcoin Proposed as Everyday Payment!

Jakarta, Pintu News – Senator Cynthia Lummis and former Congressman Mike Rogers are working to make it easier to use Bitcoin (BTC) for everyday transactions.

Currently, any transactions using Bitcoin (BTC), even small-scale ones, require complicated tax reporting. This is often a deterrent for people who want to use Bitcoin (BTC) in their daily lives.

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Efforts to Exempt Bitcoin from Tax Reporting

Senators Cynthia Lummis and Mike Rogers have taken an important step by helping to pass the GENIUS Act. This legislation aims to provide clear rules for stablecoins, protecting consumers without stifling innovation.

This law ensures that companies issuing such digital coins adhere to good rules and have sufficient financial reserves. While the GENIUS Act is a major achievement, Lummis and Rogers believe that it is just the beginning.

They argue that Congress should also create clear definitions for different types of digital assets. Some digital assets should be treated like commodities (like gold), while others like securities (like stocks). This will help businesses understand the rules to follow and provide more clarity to regulators.

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Crypto-Friendly Legislation at the State Level

Wyoming and Michigan have been pioneers in crypto-supportive legislation. Michigan recently passed a “Cryptocurrency Bill of Rights” and proposed the establishment of a crypto reserve managed by the state government.

Wyoming has passed more than 30 crypto-specific laws, showing how states can be ahead of the federal government in this regard. These two states show how supportive regulations can facilitate the use of digital currencies like Bitcoin (BTC) in everyday transactions.

Initiatives like this are expected to inspire other states to follow their lead, thus expanding the use of crypto in everyday life.

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Ending Double Taxation on Bitcoin

One important issue that Lummis and Rogers aim to address is the double taxation of Bitcoin (BTC). Currently, Bitcoin (BTC) is taxed when it is mined and also when it is sold. This is considered unfair by many Bitcoin (BTC) holders and hinders the wider adoption of crypto as a medium of exchange.

These lawmakers seek to improve the corporate tax rules that currently disadvantage Bitcoin (BTC) holders. By removing double taxation and making tax reporting easier for small transactions, it is hoped that Bitcoin (BTC) can be more easily used by the general public for everyday purposes.

Conclusion

The initiative taken by Senator Cynthia Lummis and former Congressman Mike Rogers could bring significant changes in the way people use Bitcoin (BTC) and other digital assets. By reducing the burden of tax reporting and clarifying regulations, Bitcoin (BTC) could become more than just an investment; it could become part of everyday life.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Crypto Times. From Coffee to Crypto: US Lawmakers Push to Use Bitcoin for Daily Life. Accessed on June 25, 2025
• Featured Image: Gothrider Brand