Bill S. 0451, which was introduced to the Rhode Island Senate last month, permits the state’s residents and businesses to make up to 10 payments in bitcoin valued at less than $1,000 per month (or sell the equivalent amount) without being subject to state capital gains taxes.

The bill is an amendment to existing state income tax laws, and the exact language in the proposed legislation is as follows:

“Any sale of [b]itcoin by an individual or business in Rhode Island shall be exempt from state taxation if the total value of sales is less than one thousand dollars ($1,000) per diem. The limit of the state tax exempt [b]itcoin transaction shall not exceed ten (10) sales per a thirty (30) day cycle.”

And the bill defines a “sale of [b]itcoin” as “any transaction in which [b]itcoin is sold or exchanged for another form of value, such as fiat currency or other physical or digital assets.”

The bill also clarifies that this exemption only applies at the state level and that it doesn’t affect federal tax obligations.

Under the bill, individuals and businesses who engage with these types of tax-exempt bitcoin transactions are responsible for keeping records of these transactions, including the total value of sales per day, and should be prepared to provide these records to the Rhode Island’s department of revenue for audit or compliance purposes.

In a slide deck prepared by the Rhode Island Blockchain Council that was shared with Bitcoin Magazine, Chris Perrotta, Chairman of the Council, wrote that the passing of Bill S. 0451 would help to reduce friction for digital asset payments.

He stated that “current tax implications of spending BTC hamper its utility for Rhode Island citizens and stifle economic activity.”

Perrotta also noted that the passing of this bill would stimulate blockchain-based economic activity in the state, making Rhode Island one of the states at the forefront of this technology.

What is more, he also proposed that small businesses accept bitcoin for products and services as a means to stimulate economic growth.

Thus far, no other U.S. states have introduced comparable bills.

At the federal level, the only bill that has proposed something similar is the Lummis-Gillibrand “Responsible Financial Innovation Act”, which provides a de minimus tax exemption on bitcoin transactions valued up to $200.

On Wednesday, the office of Rep. Gabe Amo issued a press release stating that Rep. Amo and Rep. Kim (R-CA) reintroduced a bipartisan resolution supporting the use of distributive ledger technologies (DLT), including blockchain, to “support democratic governance, human rights, freedom of information, transparency, and innovation around the world.”

The resolution (the full text of which was not linked to in the press release) urges federal agencies to explore and support DLT and expresses Congress’ commitment to advancing responsible innovation on this technological front.

Rep. Kim commented on the importance of this technology in the press release.

“U.S. leadership in emerging technologies like blockchain not only improves Americans’ lives but also helps us advance transparency in U.S. foreign assistance, human rights, and freedom across the globe,” said Rep. Kim.

“This legislation is vital, especially as we see the Chinese Communist Party exporting its surveillance technologies and authoritarianism abroad. I am proud to join Congressman Amo to lead this bipartisan resolution to ensure the United States shines as a beacon of hope, freedom, and innovation on the world stage,” she added.

The press release also cited how, in Screven County, Georgia, the Bitcoin blockchain was used to safeguard election election results and provide transparency to voters, linking to this article, which tells the story of the event.

Simple Proof, the company that helped Screven County officials commit its vote tallies to the immutable Bitcoin blockchain also recently helped Republicans in Williamson County, Tennessee do the same with the results of its Republican leadership vote.

Simple Proof put itself on the map when it helped to secure the results of the most recent presidential election in Guatemala, the story of which is told in the short documentary Immutable Democracy. Thanks to the vote tallies from the election being safeguarded on the Bitcoin blockchain, the integrity of the election was upheld, despite efforts made to tamper with physical votes once voting had concluded.

The work that the company has done both in the U.S. and abroad is a testament to a point Rep. Amo made in the press release.

“Innovative technology like blockchain helps promote transparency and strengthen democratic institutions around the world,” said the congressman.

While the press release provided evidence of the Bitcoin blockchain being used to preserve democratic values, it didn’t differentiate between Bitcoin and other blockchains, many of which, by design, are less secure.

Earlier today, the Bitcoin Policy Institute (BPI), a Washington, D.C.-based think tank, hosted the “Bitcoin For America” summit.

The event occurred in the wake of President Trump’s signing an executive order (EO) to establish a Strategic Bitcoin Reserve (SBR) and the White House’s hosting its first-ever Crypto Summit.

One might have expected jingoistic overtones from an event with such a title. However, many of the speakers acknowledged that Bitcoin is something that will benefit the whole world, and that, partially because of this, the U.S. should lead the way in adoption.

David Zell, Director of BPI, set the tone for the event in his opening remarks.

“Our goal for today is to continue this process, to help people understand how Bitcoin benefits America — and the world writ large,” he declared.

Zell was followed by Senator Cynthia Lummis (R-WY), a long-time Bitcoin advocate, who made the case that it’s only natural for America to set the pace when it comes to Bitcoin adoption. 

“This really is freedom money,” said Senator Lummis. “And America should lead when it comes to freedom money.”

Michael Saylor: Bitcoin And American Digital Supremacy

Strategy Executive Chairman Michael Saylor agreed with the Senator, making the case for why the U.S. should lead in this arena.

“I’m here today to show you how the Strategic Bitcoin Reserve represents a strategy for United States digital supremacy in the 21st century,” he began.

He went on to argue in favor of bitcoin as digital property, asserting that the United States should acquire as much of it as possible so that it can “rent and finance” on top of that property.

He also posited that trillions of dollars in commerce will flow over the Bitcoin network, which is another reason why the U.S. should prioritize acquiring its share of the network.

Moreover, he asserted that Bitcoin embodies American values and that owning it is the next best thing to living in the U.S.

“Everybody who is living in Asia, in Africa would move to the U.S. if they could,” said Saylor.

“They’d move their money to the U.S. if they could. They want the currency of the U.S. They want the security of the U.S. They want the values of the U.S., but they can’t have it,” he added.

“So, the second best thing they can have is to move their money into the Bitcoin network, which has all of the values, protection, and security of the U.S.”

Vivek Ramaswamy: Bitcoin’s Long-Term Return Is The New High-Risk Hurdle Rate

Ohio gubernatorial candidate and American entrepreneur Vivek Ramaswamy followed Saylor, putting forward the motion that the rate of return on holding bitcoin for a decade or more is now the new high-risk hurdle rate.

He set the stage for this claim by making the case that we’re moving back into an “era of scarce capital.” He shared that this will be the inverse of the past 15 years, during which the Fed printed money en masse, in a manner similar to a cocaine dealer doling out cocaine to hungry users, as he put it.

He explained that institutions are going to once again have to consider the question “What is my opportunity cost of capital?” and, in doing so, they’ll have to define a hurdle rate for both low- and high-risk investments.

Ramaswamy argued that the hurdle rate for low-risk investments is the 10-year U.S. Treasury, while the hurdle rate for a high-risk investment will be the rate of return on bitcoin over a 10-to-15-year period.

He then closed out his talk by pointing out how the American ethos and the Bitcoin ethos overlap, and that, like the American flag, Bitcoin is a symbol of hope.

“I think Bitcoin and what it represents, more than as a financial asset, also helps to fill that hunger for a symbol, a reminder of what American greatness was all about,” said Ramaswamy. “And I think it makes it, in the national context, an even more fitting asset to fill our national Strategic Reserve.”

Matthew Pines: The World Is Paying Attention To Bitcoin After SBR EO

Matthew Pines, Executive Director of BPI, pointed out that bitcoin is beginning to take center stage in the eyes of world leaders for two reasons. 

The first, he claimed, is because U.S. debt markets have become increasingly fragile, prompting global leaders to start looking to invest in a global reserve asset aside from U.S. Treasuries.

The second reason is that President Trump’s SBR EO clearly stated that the United States sees bitcoin as “digital gold,” and that it will only be a matter of time before other leaders view it as the same.

“Last Thursday’s executive order landed on the desk of every major president, central bank [chair] and finance minister in the world,” said Pines.

“There are now discussions happening about how to interpret that. What does that mean for their own country’s relationship to bitcoin? Governments don’t move too fast, but when they do, they move in size, they move in scale and they can deploy trillions of dollars in capital that can have geopolitical effects,” he added.

“And I think we’re at this inflection point where the geopolitical aspects of bitcoin start to become extremely important, and can shape the next several years of Bitcoin’s future. The Bitcoin race is now on, and the ball is in our court to maintain our advantage.”

Congressman Nick Begich Reintroduces The Bitcoin Act

After Pines concluded his talk, he introduced Rep. Nick Begich (R-AK) to the stage, where the Congressman made a major announcement.

“Today, I will be announcing the Bitcoin Act of 2025 in the United States House,” said Rep.  Begich.

The bill, which is an updated version of the bill Sen. Lummis proposed last year, proposes that the U.S. acquire 1 million bitcoin (at no expense to taxpayers) and protects U.S. citizens’ right to self-custody to their bitcoin.

“[The bill] explicitly protects the rights of individuals to own, hold and transact with bitcoin freely,” said Rep. Begich. “It recognizes self-custody as a fundamental right.”

Congressman Ro Khanna: Democrats Should Support Bitcoin

After a brief talk from Zack Shapiro, Head of Policy at BPI, on why U.S. states should hold bitcoin in their reserves, Rep. Ro Khanna (D-CA) made the case for why Democrats should embrace Bitcoin.

“Bitcoin should be bipartisan,” said Rep. Khanna, the only Democratic politician to speak at the event.

“Now, people are going to be able to get bitcoin. That is transformational for so many people around the world, and that is why the Democratic Party should be embracing this as something that can create financial empowerment for people not just in the United States, but around the world,” he added.

Jack Mallers: Bitcoin Is A Return To American Values

After a handful of talks and panels including the likes of Casa CEO Nick Neuman, Newmarket Capital CEO Andrew Hohns and Lightspark CSO Christian Catalini, Strike CEO Jack Mallers took the stage as the final speaker of the summit.

In his talk, entitled “Strategic Bitcoin Reserve: The American Monetary Revolution”, Mallers made the case that the establishment of the SBR was “a return to American values — including life, liberty and property.”

“The Strategic Bitcoin Reserve executive order and the Bitcoin Act proposed by Senator Lummis is the most significant economic shift and announcement and the only positive economic announcement that’s come out of this nation’s capitol in the last 100 years,” said Mallers.

He went on to say that American economic policy has been working against the principles the country was founded on and cited Executive Order 6102 (gold confiscation under President Franklin D. Roosevelt in 1933), the Nixon Shock (President Nixon’s depegging the U.S. dollar from gold in 1971) and the 2008 bank bailouts as evidence.

However, he ended on a high note.

“[This is a] pivotal moment in American history and a turning point in economic policy for this country,” said Mallers. “The story of humanity is [people] engineering a better world — that’s America, that’s Bitcoin.”