IMPORTANT NEWS $BTC TODAY. ‼️
Block Inc. (SQ) launched a campaign called "Bitcoin is Everyday Money" that advocates for a de minimis tax exemption for bitcoin transactions under $600. The campaign includes billboards and digital displays in Washington, D.C., along with a website that allows visitors to contact their representatives in Congress about the proposed change in fiscal monetary policy.
Under current U.S. tax law, bitcoin is classified as property, meaning that every purchase using bitcoin potentially triggers a taxable event that requires the declaration of capital gains. The proposed de minimis exemption would eliminate capital gains taxation and reporting requirements for everyday bitcoin transactions under $600.
"Bitcoin has matured from a speculative asset to a practical payment method, but an outdated fiscal monetary policy is holding it back," said Owen Jennings, Business Lead at Block. "A de minimis tax exemption would further unlock bitcoin as everyday money, allowing people to actually spend it at their local café or restaurant without triggering complex tax calculations."
Block announced that millions of Square sellers in the U.S. will be eligible to accept payments in bitcoin starting November 10, 2025. The company operates several bitcoin-related services, including Cash App's bitcoin capabilities, the Bitkey self-custody wallet, Proto mining products, and Square Bitcoin payment solutions.
The campaign will run until December 17, 2025, according to the company's press release. Block cited that nearly 50 million Americans currently own bitcoin and around 30 million Americans operate small businesses.
