Crypto Tax Loopholes Closing? A Look Inside ‘Bitcoin Senator’ Lummis’ New Bill
Senator Cynthia Lummis (R-WY) has introduced a sweeping digital asset tax reform bill aimed at modernizing how cryptocurrencies are taxed in the United States, renewing her efforts to ease regulatory burdens on digital asset users.
What Happened: The legislation, unveiled on July 3, proposes to resolve several long-standing tax complications in the crypto sector, including a $300 de minimis exemption for small transactions, more practical tax treatment for mining and staking, and bringing parity between digital assets and traditional financial instruments.
“In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,” Lummis said in a statement.
She described the bill as fully paid for, designed to cut through …
About The Author
