U.S. Senator Cynthia Lummis Introduces Comprehensive Cryptocurrency Tax Reform Bill, Proposing Small Transaction Exemption, Elimination of Double Taxation on Staking

BlockBeats News, July 3rd - Today, U.S. Senator Cynthia Lummis introduced a comprehensive digital asset tax bill, advocating for multiple key outcomes for the crypto industry and aiming to create a level playing field for digital asset users across America.

Cynthia Lummis stated: "To maintain America's competitive edge, we must reform the tax code to accommodate the digital economy rather than burdening digital asset users. Public feedback on this legislation is welcomed as we strive to expedite its journey to the President's desk." According to the Joint Committee on Taxation, the bill is expected to generate approximately $600 million in net revenue between the fiscal years 2025 and 2034. The bill proposes reforms to several digital asset tax issues, including:

· Small Transaction Exemption: Establishing a $300 de minimis rule

· Elimination of Double Taxation for Miners and Stakers

· Tax Parity between Digital Assets and Traditional Financial Assets (such as lending, wash sales, mark-to-market taxation, etc.)

· Charitable Donations without the need for valuation reporting