The Bitcoin Policy Institute just released a new report on the Bitcoin de minimis tax exemption. Under current law, every bitcoin transaction triggers a capital gains calculation and IRS reporting obligation, no matter the size. A $4 coffee purchased with bitcoin that appreciated by six cents gets the same tax treatment as a six-figure asset sale. This has effectively killed bitcoin's use as a medium of exchange in the U.S. Congress solved this exact problem for foreign currency decades ago. Personal-use foreign currency gains under $200 are tax-exempt. Bitcoin users get no such relief. Senator Lummis filed a standalone bill proposing a $300 per-transaction threshold with a $5,000 annual cap. The Joint Committee on Taxation scored it as revenue-positive, generating $600 million over ten years. The White House backed it. Treasury Secretary Bessent offered to have his team work directly with Lummis on guidance. Then the direction shifted. After the GENIUS Act passed, a new bipartisan draft from Representatives Miller (R-OH) and Horsford (D-NV) narrowed the de minimis exemption to stablecoins only, excluding bitcoin entirely. Relief offered where it's least needed, withheld from the users facing the most punitive treatment. BPI has met with 19 congressional offices over the past three months pushing back. The response has been encouraging, with bipartisan agreement that the stablecoin-only approach is insufficient. The window is narrowing. Senator Lummis, the issue's strongest champion, departs the Senate in January 2027. If a package doesn't come together in the next few months, this opportunity may not return for years.