Wu said that Nicholas Anthony, a researcher at the Cato Institute in Washington, D.C., in the latest report, stated that the United States taxes cryptocurrencies like Bitcoin as "capital assets," which means that using cryptocurrencies to purchase goods and services could also trigger tax obligations and reporting requirements, increasing compliance costs and weakening its viability as a "currency." Anthony believes the simplest solution is to completely eliminate capital gains tax; if that is difficult to achieve, considerations could be made to cancel capital gains tax on daily payments with cryptocurrencies and foreign currencies, or set a "small exemption" threshold. He gave an example that if someone buys coffee with Bitcoin every day, it could result in over 70 pages of tax documentation. The Cato Institute is a U.S. public policy research organization that has long focused on free markets and deregulation, participating in policy discussions through research reports and congressional hearings.