Build Back Better bill could drop tax on small crypto payments originally appeared on TheStreet.
A renewed push to exempt small cryptocurrency transactions from taxation is gaining traction ahead of an imminent Senate vote on amendments to the Build Back Better bill.
The Build Back Better Act was introduced in the 117th Congress. This comprehensive social and climate spending plan supports President Joe Biden's economic agenda, investing in renewable energy, healthcare, education, and the family services sector. Beyond social infrastructure, the bill also includes changes to crypto regulation and taxation.
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Proponents argue for a tax exclusion on purchases of digital currency under $600, noting that micropayments have the potential to include more individuals in the emerging asset class.
For example, Ben Pham, a crypto policy advocate and public figure, posted on X on Saturday night to advocate for a tax exclusion for Bitcoin transactions under $600.
"Buying things under $600 with Bitcoin should be tax-free. Let's make it happen!" Pham posted in response to a tweet by Bitcoin Magazine CEO David Bailey, which asked constituents to contact senators ahead of the vote.
Bailey said he would have something on a crypto tax amendment that could be a part of proposals taken up as soon as today or Monday.
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Critics pointed out, however, that the proposal's fair adjustments for inflation would be up for debate. One X user, Adam Simecka, wrote, "Why $600 inflationary dollars? That is not how this should be measured," implying that the real value would have eroded due to inflation since the number was proposed years earlier.
A crypto tax exemption could signal that U.S. tax law is altering more in relation to digital assets as policymakers discuss the Build Back Better amendments.
Build Back Better bill could drop tax on small crypto payments first appeared on TheStreet on Jun 29, 2025
This story was originally reported by TheStreet on Jun 29, 2025, where it first appeared.
