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From Coffee To Crypto Us Lawmakers Push To Use Bitcoin For Daily Life
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From Coffee to Crypto US Lawmakers Push to Use Bitcoin for Daily Life

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Senator Cynthia Lummis and ex-Congressman Mike Rogers aim to simplify the use of Bitcoin for ordinary transactions, such as purchasing coffee or groceries. At present, even small-scale Bitcoin deals may call for tax reporting, which many find too complex and deters users from making Bitcoin an integral part of their daily lives.

They recently assisted in passing the GENIUS Act, a bill that is aimed at making stablecoins have well-defined rules. The act wants to safeguard consumers without inhibiting innovation. It makes sure that firms that issue the digital coins abide by good rules and have sufficient financial buffers.

While the GENIUS Act is a big achievement, Lummis and Rogers say it’s just the beginning. They believe Congress must also create clear definitions for different types of digital assets. Some digital assets should be treated like commodities (such as gold), while others should be treated like securities (such as stocks). This would help businesses know which rules to follow and give regulators more clarity.

States such as Wyoming and Michigan are already at the forefront of crypto-friendly legislation. Michigan just recently enacted a “Cryptocurrency Bill of Rights” and suggested establishing a state government-run crypto reserve. Wyoming has enacted more than 30 crypto-specific laws, demonstrating how states can be quicker than the federal government.

The lawmakers also want to end “double taxation” on Bitcoin, such as taxes both when it’s mined and when it’s sold. They’re pushing to fix corporate tax rules that currently hurt Bitcoin holders.

Also Read: Senator Lummis Says Flawed Tax Rules Unfairly Target Bitcoin



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Trump Pushes House to Pass GENIUS Act as Lawmakers Debate Crypto Oversight

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In brief

  • Trump has urged the House to pass the GENIUS Act without delay or amendments.
  • The bill would create a framework for issuing and trading stablecoins in the U.S.
  • But critics have raised concerns over White House crypto ties and conflicts of interest.

U.S. President Donald Trump is urging lawmakers in the House of Representatives to move quickly to pass the GENIUS Act, a stablecoin-focused bill that cleared the Senate in a 68-30 vote on Tuesday.

The legislation, which would establish a federal framework for the issuance and trading of stablecoins, was described by Trump as “incredible” and a path to making “America the UNDISPUTED Leader in Digital Assets.”

“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump posted on Truth Social Wednesday.

“This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before,” he added.

Despite Senate passage, the GENIUS Act faces a more contentious path in the House. Lawmakers are divided over whether to pass the bill in its current form or combine it with other crypto-related legislation such as the CLARITY or STABLE Acts. 

Others are demanding stricter provisions due to perceived conflicts of interest stemming from the Trump family’s involvement in the digital asset space.

The House must now pass the bill before it can be signed into law. While Senate Republicans have called for it to be enacted by July 4, House Republicans are weighing whether to fold it into broader crypto market legislation to improve its chances. 

Among them, the House Republicans are pushing their own stablecoin bill, the STABLE Act.

The Senate vote itself came only after a series of amendments, including language on conflicts of interest, which helped regain support from some Democrats. 

However, the final version still allows the sitting president and vice president, along with their families, to be involved with stablecoin ventures.

Critics argue the bill legitimizes and potentially enables ongoing conflicts. Most prominently, USD1, a stablecoin launched by the Trump family’s platform World Liberty Financial, is currently the eighth-largest stablecoin in the world by market capitalization.

“In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift—the largest, most flagrant corruption in presidential history,” Bartlett Naylor of Public Citizen previously told Decrypt.

Senator Elizabeth Warren warned that the legislation could allow tech giants to exploit consumer data under the guise of innovation. 

“If Congress doesn’t fix it, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors,” she said.

Edited by Sebastian Sinclair

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California lawmakers approve bill allowing crypto payments for state services
NFT Gaming

California lawmakers approve bill allowing crypto payments for state services

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A California bill that would allow state departments to accept cryptocurrency payments has passed the State Assembly with a unanimous vote.

On June 2, California lawmakers approved Assembly Bill 1180 (AB 1180) with a 68-0 vote during its third reading. The bill, introduced by Assembly member Avelino Valencia, is now advancing to the State Senate for further consideration.

If enacted, the legislation would require the Department of Financial Protection and Innovation to establish regulations allowing state fees and transactions under the Digital Financial Assets Law to be paid in digital currencies.

The bill proposes a pilot program that would run until Jan. 1, 2031, with full implementation scheduled to begin on July 1, 2026, upon approval by Governor Gavin Newsom.

Under AB 1180, the DFPI would also be responsible for submitting a report detailing the number and types of crypto transactions processed, as well as any technical or regulatory issues encountered during the program, by Jan. 1, 2028.

Digital financial assets under DFAL are defined as any digital representation of value used as a medium of exchange that is not legal tender.

With it, regulators hope to bring California in line with other states such as Florida, Colorado, and Louisiana, which already allow crypto payments for certain government services.

Before passing the Assembly, AB 1180 had several amendments. One key revision to the bill removed language concerning ride-sharing companies and personal vehicles used for transportation services, narrowing the bill’s focus to digital asset transactions under DFAL.

AB 1180 is expected to complement AB 1052, another crypto-focused bill introduced by Valencia, which would protect the use of digital assets in private transactions and enshrine the right to crypto self-custody. 

AB 1052 was passed in an Assembly committee with an 11-0 vote on May 23 and is awaiting its third reading. It would prohibit public entities from restricting or taxing digital assets solely based on their use as a form of payment, if passed.

Other measures include preventing state and local governments from imposing limitations on hardware or self-hosted wallets, as well as provisions related to unclaimed digital property and public officials’ involvement with digital assets.

California has seen growing interest in crypto policy amid rising political support for digital assets, with figures like state Senator Ben Allen pushing for pro-crypto representation within the government.

Backing from the electorate also appears to be catching up. A February poll commissioned by Coinbase found that nearly four in five crypto holders in the state would vote for candidates with pro-crypto platforms.



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Michigan lawmakers file 4 crypto bills on retiree funds, CBDCs, mining
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Michigan lawmakers file 4 crypto bills on retiree funds, CBDCs, mining

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Michigan lawmakers have introduced four crypto-related bills covering crypto mining, central bank digital currencies (CBDCs) and crypto in state retirement funds.

Republican state Representative Bill Schuette introduced House Bill 4510 on May 21, which would amend Michigan’s Public Employee Retirement System Investment Act to allow the state treasurer, currently Rachael Eubanks, to invest in cryptocurrencies that have averaged a market cap above $250 million over the last calendar year.

Bitcoin (BTC) and Ether (ETH) are the only cryptocurrencies that currently meet that threshold. The bill adds that any cryptocurrencies must be held in the form of an exchange-traded product issued by a registered investment company.

A similar bill was introduced in February, permitting the state treasurer to allocate up to 10% of Michigan’s Budget Stabilization Fund into crypto.

Republican Representative Bryan Posthumus led the introduction of the second bipartisan crypto bill on May 21, HB 4511, which would prohibit Michigan from banning crypto or imposing licensing requirements on crypto holders. It would also prohibit state officials from advocating or supporting a proposed CBDC from the federal government.

The bill defines advocating or supporting a CBDC to involve issuing a memorandum or official statement endorsing a CBDC proposal related to its testing, adoption or implementation.

Source: Bitcoin Laws

Michigan to consider two crypto mining bills

HB 4512, the third crypto bill introduced by a bipartisan group led by Democratic Representative Mike McFall, would create a Bitcoin mining program allowing operators to set up at abandoned oil and gas sites. 

A supervisor would be assigned to determine how much oil or gas could reasonably be expected to be produced from the site, who the last operator of the site was and how long it has been left unused.

Related: US Senate moves forward with GENIUS stablecoin bill

Those seeking to participate in the program would need to submit legal documents outlining their organizational structure, demonstrate their ability to operate as a Bitcoin mining entity and provide estimates of the breakeven price for a profitable venture.

The fourth bill, HB 4513 — also filed by a McFall-led bipartisan group — would amend Michigan’s income tax laws to include income obtained from the proposed Bitcoin mining program.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight 



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Michigan Lawmakers Propose Four New Crypto-Related Bills

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In brief

  • Michigan lawmakers introduced four crypto-related bills, including HB 4510, which would permit public retirement funds to invest in Bitcoin via regulated exchange-traded products.
  • HB 4511 seeks to block state support for U.S. central bank digital currencies, banning any licensing, taxation, or official advocacy of CBDCs by state agencies.
  • Two companion bills, HB 4512 and HB 4513, promote Bitcoin mining at abandoned oil wells, offering tax breaks to companies that restore environmental sites in exchange for mining rights.

Four new crypto-related bills were introduced in the Michigan House late Wednesday, joining a growing trend of state-level efforts to define the role of digital assets in public policy.

Rep. Bill Schuette’s (R-MI) House Bill 4510 seeks to allow Michigan’s state treasurer to invest retirement funds in crypto, provided they averaged a market cap of at least $250 billion over the previous year and are held through exchange-traded products. 

That threshold effectively narrows eligibility to Bitcoin, which soared past $111,000 on Wednesday and set a new all-time high amid renewed institutional interest.

Assets must be held through exchange-traded products issued by registered investment firms, ensuring regulatory oversight, according to HB 4510.

The next measure, House Bill 4511, introduced by Rep. Bryan Posthumus (R-MI), takes aim at the federal government’s push for central bank digital currencies. 

The bill proposes a state-level ban on any licensing, taxation, or restriction of digital asset holdings and outright prohibits state agencies from advocating for a U.S. CBDC. 

“An agency or department of this state shall not advocate for or support… the testing, adoption, or implementation of a [CBDC],” the bill reads.

Meanwhile, Rep. Mike McFall (D-MI) introduced two companion bills, HB 4512 and HB 4513, focused on Bitcoin mining and tax reform. 

One establishes a “Bitcoin Program,” allowing private firms to plug abandoned oil or gas wells in exchange for temporary rights to mine Bitcoin using residual fuel sources. 

The other offers income and corporate tax deductions for revenue earned through such mining efforts, linking crypto directly to environmental remediation.

If passed, the program would be administered by the state’s Supervisor of Wells, who would maintain a public registry of eligible well sites, solicit annual bids, and ensure that participating miners carry financial responsibility for site restoration.

Michigan’s legislative push comes as several U.S. states race to either welcome or restrict crypto adoption. 

Just hours earlier, the Texas House passed a bill to create a state-managed Bitcoin reserve, sending it to Governor Greg Abbott’s desk. 

The bill would allow the state comptroller to invest in any digital asset with a market cap above $500 billion, currently only Bitcoin.

New Hampshire Governor Kelly Ayotte signed a similar bill into law earlier this month, making her state the first in the country to formally authorize crypto and precious metal investments for public funds.

Edited by Sebastian Sinclair

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Start every day with the top news stories right now, plus original features, a podcast, videos and more.



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