Opinion: Completely abolishing cryptocurrency capital gains tax requires congressional approval, which is unlikely to happen in the short term

Odaily reported that Dennis Porter, co-founder of Satoshi Action Fund, posted on X stating: "Political reality: Fully eliminating the capital gains tax on cryptocurrencies requires Congressional approval, and is unlikely to happen in the near term. The main obstacle is the significant loss of tax revenue, making such a proposal difficult to be included in the upcoming tax legislation. The current administration's top priority is to restore the Trump-era tax cuts. Any policy that threatens these tax cuts will be shelved. However, we can take a meaningful step forward. I strongly encourage the Bitcoin and digital asset industry to focus on ensuring a $200 minimum tax-free threshold for Bitcoin and other digital asset transactions. This proposal is consistent with the existing $200 foreign currency transaction exemption. This is a more achievable and reasonable goal, with minimal impact on the ability to update Trump's tax cuts. Americans who rely on Bitcoin and digital assets for their livelihoods should not have to report every small transaction, such as buying coffee, meals, or groceries, for tax purposes. This is an overly burdensome task, and it's time to simplify the tax laws. I also know that both parties in Congress support this idea, and it will be crucial if we want to see it become a reality. The two key considerations for the minimum exemption are: 1. It must be indexed to inflation to maintain relevance in the long term. 2. It provides a practical, bipartisan solution that balances innovation and fairness. I believe it is important to make progress through the implementation of reasonable pro-Bitcoin and digital asset policies. P.S.: While the impact on revenue is small, it may be important to fund 'pay for' to ensure the minimum threshold proposal is not canceled."