The post Will the U.S. Finally Let Bitcoin Be Used Like Cash? Jack Dorsey Thinks It Should appeared on BitcoinEthereumNews.com. Bitcoin The push to make Bitcoin function like real money in the United States has gained a powerful advocate. Jack Dorsey, the founder of Square, is calling for a fundamental shift in how small crypto transactions are taxed – arguing that without reform, Bitcoin will never reach its potential as a tool for everyday commerce. Dorsey’s latest comments followed Square’s rollout of new Bitcoin payment features for merchants, allowing businesses to accept the cryptocurrency through its checkout and point-of-sale systems. But while the technology exists, the tax code remains an obstacle. In the U.S., even the smallest Bitcoin payment – whether for coffee or a train ticket – can trigger capital gains tax if the asset’s value has appreciated. That burden, Dorsey says, effectively stops Bitcoin from functioning as money. “We want Bitcoin to be everyday money as soon as possible,” he wrote, urging regulators to adopt a de minimis exemption for low-value transactions. The idea isn’t new, but momentum is building. Wyoming Senator Cynthia Lummis proposed a similar measure earlier this year, aiming to exclude Bitcoin transactions under $300 from tax reporting, up to an annual cap of $5,000. The policy would treat small crypto purchases like cash transactions – simple, direct, and tax-free. Supporters see it as a necessary step toward mainstream adoption. Critics, however, warn that without clearer definitions of “small” or “incidental” transactions, such exemptions could complicate enforcement. Growing Industry Pressure on Lawmakers Crypto executives have also joined the call for reform. During an October Senate Finance Committee hearing, Coinbase’s vice president of tax, Lawrence Zlatkin, urged lawmakers to formally enshrine the exemption into law. He argued that easing the tax burden would boost innovation in U.S. payment systems and stop talent from migrating to countries with friendlier rules. That warning carries weight. Jurisdictions like Germany,… The post Will the U.S. Finally Let Bitcoin Be Used Like Cash? Jack Dorsey Thinks It Should appeared on BitcoinEthereumNews.com. Bitcoin The push to make Bitcoin function like real money in the United States has gained a powerful advocate. Jack Dorsey, the founder of Square, is calling for a fundamental shift in how small crypto transactions are taxed – arguing that without reform, Bitcoin will never reach its potential as a tool for everyday commerce. Dorsey’s latest comments followed Square’s rollout of new Bitcoin payment features for merchants, allowing businesses to accept the cryptocurrency through its checkout and point-of-sale systems. But while the technology exists, the tax code remains an obstacle. In the U.S., even the smallest Bitcoin payment – whether for coffee or a train ticket – can trigger capital gains tax if the asset’s value has appreciated. That burden, Dorsey says, effectively stops Bitcoin from functioning as money. “We want Bitcoin to be everyday money as soon as possible,” he wrote, urging regulators to adopt a de minimis exemption for low-value transactions. The idea isn’t new, but momentum is building. Wyoming Senator Cynthia Lummis proposed a similar measure earlier this year, aiming to exclude Bitcoin transactions under $300 from tax reporting, up to an annual cap of $5,000. The policy would treat small crypto purchases like cash transactions – simple, direct, and tax-free. Supporters see it as a necessary step toward mainstream adoption. Critics, however, warn that without clearer definitions of “small” or “incidental” transactions, such exemptions could complicate enforcement. Growing Industry Pressure on Lawmakers Crypto executives have also joined the call for reform. During an October Senate Finance Committee hearing, Coinbase’s vice president of tax, Lawrence Zlatkin, urged lawmakers to formally enshrine the exemption into law. He argued that easing the tax burden would boost innovation in U.S. payment systems and stop talent from migrating to countries with friendlier rules. That warning carries weight. Jurisdictions like Germany,…

                                                                               Powell said the Federal Open Market Committee is weighing interest rates on a meeting-by-meeting basis, with no long-term consensus.                     US Federal Reserve Chair Jerome Powell said the 19 members of the Federal Open Market Committee (FOMC) remain divided on additional interest rate cuts in 2025.At Wednesday’s press conference after the Fed’s 25-basis-point rate cut, Powell said the central bank is trying to balance its dual mandate of maximum employment and price stability in an unusual environment where the labor market is weakening even as inflation remains elevated. Powell said:Powell said that the “median” FOMC projection from the Federal Reserve’s Summary of Economic Projections (SEP), the Fed’s quarterly outlook for the US economy that informs interest rate decisions, projected interest rates at 3.6% at the end of 2025, 3.4% by the end of 2026, and 3.1% at the end of 2027.Read more