U.S. Senate panel to hold crypto tax policy hearing on October 1

The Senate Banking Committee will hold a public hearing on October 1 to go after one of the most confusing messes in ￰0￱ right now:- how crypto gets ￰1￱ committee confirmed the date in a notice first reported by Eleanor Terrett, and witnesses lined up include Jason Somensatto, Policy Director at Coin Center; Andrea S. Kramer, founding member of ASKramer Law; Lawrence Zlatkin, Vice President of Taxation at Coinbase; and Annette Nellen, Chair of the Digital Asset Taxation Working Group under the American Institute of Certified Public ￰2￱ hearing is meant to address a problem that’s pissed off crypto users for years, which is why every small crypto transaction, even a few dollars, triggers a tax ￰3￱ Senate is being pushed to finally look at de minimis exemptions, which would let people use crypto for daily stuff (like grabbing a coffee) without reporting every damn thing to the ￰4￱ administration backs small crypto tax relief Cryptopolitan reported back in July that White House Press Secretary Karoline Leavitt had said that the Trump administration still wants to push through the de minimis exemption in upcoming laws.

“The president did signal his support for de minimis exemption for crypto and the administration continues to be in support of that,” Karoline ￰5￱ explained that right now, using crypto for basic purchases is too complicated because of tax rules, but a change could make everyday payments smoother. “We are definitely receptive to it to make crypto payments easier and more efficient for those who seek to use crypto as simple as buying a cup of coffee — of course, right now, that cannot happen, but with the de minimis exemption perhaps it could in the future.” Karoline also revealed that President Trump plans to host a signing ceremony for the GENIUS Act, a stablecoin-focused bill expected to pass ￰6￱ bill is part of his administration’s broader goal to make the U.

S. “the crypto capital of the world.” The Senate has already tried and failed to deal with this issue ￰7￱ 2020, two Democratic lawmakers proposed the Virtual Currency Tax Fairness Act, which aimed to ignore tax on crypto gains below $200. It didn’t even make it to a vote. A similar version in 2022 also died on the ￰8￱ came a broader bill in 2025 called the One Big Beautiful Bill Act, which covered everything from taxes to border ￰9￱ Cynthia Lummis, a Republican from Wyoming, tried to get a crypto exemption added in for gains under $300, but that proposal got scrapped before the final bill ￰10￱ Trump signed it into law on July 4 without the crypto language ￰11￱ now, the IRS says every single crypto transaction must be reported, even if there’s no gain or the amount is ￰12￱ you spend $5 of bitcoin, that’s a taxable ￰13￱ idea behind the de minimis exemption is to cut through that nonsense and give users room to ￰14￱ it hasn’t been ￰15￱ face real obstacles.

First, the federal government depends on tax ￰16￱ it suddenly lets millions of small crypto transactions go untaxed, that means less money coming ￰17￱ there’s no sign yet of how they’ll offset that ￰18￱ with strong voices like Cynthia and Jason in the room, the Senate still hasn’t landed on a ￰19￱ 1 might give them a chance to do something ￰20￱ it might be another meeting where everyone talks and nothing ￰21￱ up to $30,050 in trading rewards when you join Bybit today