[Cato Institute Criticizes U.S. Bitcoin Tax Policy and Proposes Reform Suggestions] According to The Block, Cato Institute researcher Nick Anthony criticized the U.S. tax framework that treats Bitcoin as 'property,' stating that it requires users to calculate capital gains for every transaction, hindering the widespread adoption of Bitcoin payments. The Cato Institute suggests eliminating capital gains taxes on cryptocurrency payments and raising the tax exemption threshold for small transactions. The report mentions the 'Virtual Currency Tax Fairness Act,' which proposes tax exemptions for transactions under $200, but Anthony believes the threshold is too low. The Trump administration has expressed support for establishing small transaction tax exemptions and will evaluate relevant legislative options.