Jack Dorsey’s company, Block, wants to make Bitcoin a regular payment method, not just something you invest in. They’ve released a plan outlining how this could happen in the US.
Block’s Vision: Bitcoin for Everyone
Block believes Bitcoin’s design—open and accessible to everyone—makes it perfect for everyday transactions. They’re investing in things like mining equipment, wallets, and payment systems to make it easier for individuals and small businesses to use Bitcoin. But they say US laws need to catch up.
Three Key Changes Needed
Block wants Congress to make three changes to make Bitcoin more user-friendly:
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Regulatory Clarity: They support the CLARITY Act, which would bring more clarity to the digital asset market. They see Bitcoin’s open nature as a huge advantage.
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Protection for Bitcoin Businesses: They want legal protection for companies that don’t hold customer funds (like developers, miners, and wallet providers). This would prevent unnecessary regulation.
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Tax Relief on Small Transactions: Currently, even small Bitcoin transactions are taxed, making everyday use impractical. Block wants a tax exemption for small purchases. They point out that Square plans to add direct Bitcoin payments later this year, and this tax change is crucial for adoption.
Why Bitcoin Matters
Block highlights Bitcoin’s fixed supply, its reliability, and its long history as reasons why it’s different from other cryptocurrencies. They believe it can modernize payments and solve everyday financial problems.
The Political Landscape
The CLARITY Act has already passed the House, but its future in the Senate is uncertain. Other proposed legislation faces similar hurdles. Block warns that if the US doesn’t act, other countries will get ahead in Bitcoin adoption. They’re urging Congress to pass laws that make Bitcoin a practical payment option. Essentially, they’re saying: “Let’s make it easier to buy coffee with Bitcoin!”
(Note: The Bitcoin price mentioned in the original article is omitted as per your request.)/p>