Stablecoins are now available on @CashApp 💫
Send and receive USDC on SOL, ETH, POL, and ARB
One unified USD balance
No separate wallet, no extra setup, no fees to start
cash.app/press/cash-app…
Bitcoin was designed as money. The merchants are set up, the technology is proven, the demand is here, and American small businesses stand to benefit.
The largest remaining barrier is the tax code.
This is a paperwork issue.
Today, every bitcoin purchase, no matter how small, triggers a complicated tax form from the IRS.
That burden is unfair, and it falls hardest on everyday Americans.
This is a competition issue.
The US should not make it harder to use bitcoin as money over stablecoins. Tax policy should be tech-neutral instead of picking winners and losers.
To the small business and the customer at the counter, both are just a way to pay.
This is a payments issue, not an investment one.
A reasonable de minimis for digital asset payments lets people make everyday purchases freely. Bitcoin used as money should be treated as money under the tax code.
Period.
Over 1.1M US small businesses powered by @Square can accept bitcoin at checkout today. But if you make a bitcoin payment with one of them, the tax code treats spending it like selling stock.
Relief for stablecoins and gas fees is a good start, but it misses the broader problem
Congress is taking a real first step toward crafting fair crypto tax policy in the US. Their latest crypto tax package offers relief in many areas, including for stablecoins & gas fees.
However, it fails to eliminate capital gains tax on everyday bitcoin payments.
A de minimis
Today, in front of United States’ lawmakers, @jasonsomensatto testified in support of tax reforms for small everyday bitcoin transactions, like buying a coffee, mining with a computer, and generally easing the complexity put onto individual people using decentralized currency
Today, @jack joined 60+ CEOs and founders who sent a message to Senate leadership: Pass the Clarity Act with the BRCA intact.
Developers who do not control user funds are not money transmitters 👆
Full letter:
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very proud of this new product and the team that brought it to life - more to come ✨
we’ve said it for years now and are living proof that payment tools dont always have to be boring 🪄
🪄 TADA.
The Cash App Wand is here. Tap it. Lock it. Style it.
Everything you love about your Cash App Card. Just a little more magical.
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