The White House, in a move that could be straight out of a Dostoevsky novel, confirmed President Donald Trump’s opposition to a central bank digital currency and reiterated his support for easing taxation on everyday crypto transactions through a proposed de minimis exemption. A move that, one might say, is as much about the soul of the nation as it is about the wallet.
Trump Pushes U.S. Toward ‘Crypto Capital’ Status
At Wednesday’s White House press briefing, Press Secretary Karoline Leavitt, with a smile that could rival the grin of a gambler who’s just won the pot, addressed the administration’s ongoing cryptocurrency agenda. This included President Trump’s stance against a central bank digital currency (CBDC) and his support for crypto-friendly legislation currently advancing through Congress, a move that could either save the nation or lead it into a digital abyss, depending on one’s perspective.
Speaking to Bitcoin Magazine White House correspondent Frank Corva, Leavitt said the president remains committed to making the United States a global hub for cryptocurrency innovation. When asked if Trump would support removing CBDC-related language from the Genius Act to help it move forward, Leavitt clarified the administration’s position with a clarity that could cut through the fog of Washington like a sharp winter wind.
“The president opposes [a CBDC],” Leavitt said, her voice firm and unwavering. “He made that promise to the American people on the campaign, and while it’s not in this specific piece of legislation, he did sign a January executive order banning a central bank digital currency. The administration supports Congress’s efforts to codify that executive order into law.”
Although the Genius Act does not address CBDCs directly, Leavitt said the legislation has enough support to pass and confirmed the White House is planning a signing ceremony. Leavitt’s remarks came before all three crypto bills, including the anti-CBDC bill, the Clarity Act, and GENIUS Act, were passed in the House today, a series of events that could be the beginning of a new chapter in the nation’s financial history.
“We know we have the votes and we expect it to get to the president’s desk, and we are planning a signing ceremony tomorrow afternoon,” she said, her eyes gleaming with the promise of a future where digital currencies might reign supreme. “This piece of legislation is going to make America the crypto capital of the world, and that’s what the president promised.”
Leavitt also spoke to the president’s support for a $600 de minimis tax exemption on bitcoin and other cryptocurrency transactions. Under current tax rules, even minor purchases made using digital assets are considered taxable events, a hurdle that crypto advocates say limits everyday adoption, a situation that could be as stifling as a heavy winter coat in the middle of summer.
“The president did signal his support for crypto and the administration to make [it] easier and more efficient for those who seek to use crypto—as simple as buying a cup of coffee,” Leavitt stated, her words dripping with the promise of a future where digital currencies might be as common as the morning brew. “Of course, right now that cannot happen. But with the de minimis exemption, perhaps it could in the future, and we will continue to explore legislative solutions to accomplish that.”
The proposed exemption has been floated as a way to simplify small crypto transactions and reduce friction for consumers. While no formal bill implementing the threshold has been passed, the administration’s public support signals a potential policy shift that could broaden crypto’s use in commerce going forward, a shift that could either be a blessing or a curse, depending on one’s faith in the digital realm.
Leavitt concluded by noting that the administration expects additional crypto-related bills to move through Capitol Hill in the coming months, with the president eager to sign future legislation that supports digital asset adoption, a future that, one might say, is as uncertain as the next roll of the dice.
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2025-07-18 00:27