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Jack Dorsey and Lummis promote tax-free microtransactions for Bitcoin, while Block expands BTC payment services.
Golden Finance reports that Block founder Jack Dorsey is calling for the establishment of a “small tax exemption” policy for everyday Bitcoin transactions. U.S. Senator Cynthia Lummis responded by saying “we are pushing it forward” and urged the public to contact lawmakers for support. This proposal was not passed in Trump's bill in July. Dorsey also announced that Block will launch Bitcoin payment and encryption wallet services aimed at small and medium-sized enterprises. Industry insiders believe that tax exemptions can reduce reporting burdens, but regulatory and exchange mechanisms are still needed to promote adoption.