Strive Asset Management has taken a bold stance in advocating for the removal of capital gains taxes on Bitcoin transactions in the United States. CEO Matt Cole emphasized that the firm is proactively engaging with policymakers in Washington D.C. as lawmakers gear up to reshape digital asset tax regulations.

According to Cole, eliminating capital gains taxes could significantly enhance Bitcoin’s utility, transforming it from a mere investment asset into a viable payment option. He expressed his agreement with an assertion on X that removing these taxes is crucial for fostering Bitcoin adoption.

In his response on X, Cole reiterated Strive’s commitment, stating, “Strive is actively engaging D.C. regularly to make this happen and putting resources to work on this initiative through the Bitcoin Policy Institute.” He remains optimistic but cautions that the timeline for such substantial policy changes may be lengthy.

Strive Expands Bitcoin Treasury

Recently, Strive Asset Management enhanced its Bitcoin treasury, increasing its holdings to 19,000 BTC following a purchase of 2,500 BTC within a short timeframe for around $185.2 million. The acquisition reportedly came at an average price of about $74,092 per Bitcoin, factoring in fees and related expenses.

Upcoming Crypto Tax Hearing in Washington

The focus is also intensifying in Washington, where the U.S. House Ways and Means Committee is preparing to hold a critical hearing on June 9, aimed at assessing the taxation of cryptocurrencies. Prior to the hearing, the committee shared several discussion drafts addressing key topics, such as stablecoins, staking rewards, mining income, and transaction reporting requirements.

Among the notable proposals is one aimed at simplifying compliance for digital asset users, along with providing clearer guidelines for staking and mining activities. Furthermore, committee documents also suggest discussing a potential de minimis exemption, which could eliminate reporting requirements for smaller transactions.

Industry representatives have long highlighted that current tax regulations create significant hurdles for everyday cryptocurrency usage, as various transactions may trigger taxable events. This concern has been a persistent theme in ongoing policy discussions regarding digital assets.

Earlier in the year, Congress members introduced the Digital Asset PARITY Act, which proposed a $200 reporting threshold for stablecoin transactions, although it did not extend this exemption to Bitcoin payments.