US legislators are considering adopting tax-free measures to simplify the daily use of BTC

Gate News bot message, according to UseTheBitcoin, U.S. lawmakers Senator Cynthia Lummis and former Congressman Mike Rogers are pushing legislation aimed at reducing the tax burden to promote the daily use of BTC. The lawmakers behind the recently passed "GENIUS Act" say the bill aims to ensure that small BTC transactions are exempt from tax reporting, as they believe this hinders users from using BTC for daily purposes.

The current regulatory ecosystem in the United States requires users to comply with tax reporting rules even for the smallest cash or grocery purchases using BTC, which most potential cryptocurrency users find cumbersome. Legislators say that the complexity of daily tax reporting to some extent hinders people from using BTC as a potential practical cryptocurrency.

The proposed law aims to eliminate existing barriers to make BTC and other cryptocurrencies more easily used for everyday consumption. Legislators believe that by legally eliminating existing regulatory frictions around small transactions, they can promote wider consumer participation and normalize the daily use of BTC.

In addition to reducing the current tax burden, the two congressmen believe that it is necessary to provide clear definitions to help users and legislators distinguish between different types of cryptographic assets. They advocate treating certain assets as commodities similar to gold and other assets as securities similar to stocks, aiming to provide a transparent framework for businesses and regulatory agencies.

Lummis and Rogers believe that clear regulations are key factors in promoting compliance and innovation, helping to clarify applicable regulations and reduce legal ambiguity. Their push for the passed "GENIUS Act" provides a concrete example, indicating the need for clear guidelines for stablecoin. The Act aims to ensure that stablecoin issuers implement financial security measures while safeguarding consumer rights. This clear legislation is expected to promote responsible growth of the cryptocurrency ecosystem.

The initiative, led by legislators Lummis and Rogers, aims to promote the daily application of Bitcoin, marking an important step in the United States for BTC to become a practical financial tool. By implementing tax exemptions and clearer regulatory definitions, legislators aim to eliminate adoption barriers and promote more inclusive adoption, thereby promoting the development of the crypto economy. Although there are still many regulatory obstacles to overcome, the current progress indicates that people are increasingly recognizing the potential for BTC to play a greater role beyond being an investment tool.