Block launches campaign advocating for bitcoin tax reform

Block Inc. (NYSE: SQ) launched a campaign called "Bitcoin is Everyday Money" that advocates for a de minimis tax exemption for bitcoin transactions under $600. The campaign includes billboards and digital displays in Washington, D.C., along with a website enabling visitors to contact their congressional representatives about the proposed tax policy change.

Under current U.S. tax law, bitcoin is classified as property, meaning every purchase using bitcoin potentially triggers a taxable event requiring capital gains reporting. The proposed de minimis exemption would eliminate capital gains taxation and reporting requirements for everyday bitcoin transactions under $600.

"Bitcoin has matured from a speculative asset into a practical payment method, but outdated tax policy is holding it back," said Owen Jennings, Business Lead at Block. "A de minimis tax exemption would further unlock bitcoin as everyday money, enabling people to actually spend it at their local coffee shop or restaurant without triggering complex tax calculations."

Block announced that millions of Square sellers in the U.S. became eligible to accept bitcoin payments starting November 10, 2025. The company operates various bitcoin-related services including Cash App's bitcoin capabilities, Bitkey self-custody wallet, Proto mining products, and Square Bitcoin payment solutions.

The campaign runs through December 17, 2025, according to the company's press release statement. Block cited that nearly 50 million Americans currently own bitcoin and around 30 million Americans operate small businesses.

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