Recently, an interesting topic has sparked discussion within the industry—why do stablecoins and Bitcoin receive such different tax treatments?

Some individuals have expressed concerns to relevant committees in the U.S. Congress. They point out that current tax incentives are relatively friendly to stablecoins but do not provide similar considerations for Bitcoin and other mainstream public chain tokens. This creates a problem: simply offering tax cuts to stablecoins that meet certain legislation does not fundamentally solve the compliance issues associated with crypto payments.

What are the specific suggestions? First, for compliant payment-oriented stablecoins, tax treatment should be based on cash standards, which would be fairer. Second, mainstream public chain tokens with a market cap of at least $25 billion should also receive similar small exemption tax benefits.

This logic is actually easy to understand—if you truly want to promote the use of cryptocurrencies in payments, you cannot favor one side over the other. As the largest crypto asset, Bitcoin and public chain tokens drive the entire ecosystem. They, like stablecoins, are the infrastructure for payments and transactions. Giving tax cuts to stablecoins while ignoring them actually creates an unfair competitive environment.