senator Lummis Proposes Crypto Tax Reform in Trump’s Budget Bill
U.S. Senator Cynthia Lummis is pushing for a crypto tax amendment in President Donald Trump’s Big Lovely Bill. The goal is to exclude small crypto transactions from capital gains and resolve double taxation issues for miners and stakers.
On June 30, Lummis announced her plan to add this amendment. She believes it’s crucial to end unfair tax practices and make the U.S. a global leader in Bitcoin and crypto. the amendment aims to simplify tax rules for digital assets.
The amendment seeks to exclude crypto transactions under $300 from capital gains. It also aims to fix double taxation for stakers and stakers.
On June 30,Lummis announced her plan to add this amendment. She believes it’s crucial to end unfair tax practices and make the U.S. a global leader in Bitcoin and crypto. The amendment aims to simplify tax rules for digital assets.
The amendment seeks to exclude crypto transactions under $300 from capital gains. It also aims to fix double taxation for stakers and miners, aligning their rewards with the point of sale rather than receipt. Documents shared with crypto media outline key elements, including a $300 threshold on individual transactions and a $5,000 annual cap on tax-free activity. It also addresses crypto lending, wash sales, and charitable contributions.
Crypto advocacy groups,like the Bitcoin Policy Institute and the Solana Policy Institute,support the measure. Matthew Pines, executive director at the Bitcoin Policy Institute, said a de minimis exemption would promote fair compliance and everyday adoption. Kristin Smith, president of the Solana Policy Institute, noted it could unlock domestic growth and create jobs.
However, the amendment’s adoption is uncertain. The Senate will vote on numerous changes to the reconciliation bill throughout the week. Even if adopted, the bill needs House approval before reaching the president’s desk. Last year, a similar measure by Wiley Nickel and Drew Ferguson failed to advance.
