Why does the United States Congress treat foreign central bank currencies 20x better than Bitcoin? Under Section 988(e) of the Internal Revenue Code, an American citizen can spend $1,500 worth of Euros or Swiss Francs, realize up to $200 in exchange-rate profit per transaction, and owe $0 in taxes with zero IRS paperwork. Meanwhile, under the flagship crypto tax bills moving through Congress right now (H.R. 10357 and the ADAPT Act), if a working-class American spends $14.50 over the Lightning Network to buy lunch, it triggers a taxable barter disposition on IRS Form 8949. Even worse: the much-hyped "$10 de minimis exemption" inside H.R. 10357 only exempts the network transaction fee—not the purchase itself. Congress exempted the postage stamp and kept the letter inside fully taxable. Why? Follow the incentives: Wall Street got everything it asked for: Institutional lending safe harbors, mark-to-market accounting, and ETF trust protections. Dollar stablecoins got a monopoly: Zero capital gains on spending and immunity from wash-sale rules—because stablecoins force everyday spenders to hold T-bill-backed dollars that silently pay the annual inflation tax. Everyday Bitcoiners got handcuffs: A 30-day wash-sale ban, constructive-sale rules, and permanent taxation of miners on unsold block rewards. Inside "The $10 Insult"—and why the state is terrified of letting Bitcoin circulate as everyday money
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