- Senator Cynthia Lummis has introduced a bill to remove taxes on cryptocurrency transactions under $300.
- The proposed legislation aims to end double taxation for crypto miners and stakers.
- The bill creates tax parity between digital assets and traditional financial assets.
- The legislation is expected to generate approximately $600 million in net revenue from 2025 to 2034, according to the Congressional Joint Committee on Taxation.
- Lummis, as chair of the Senate Banking Subcommittee on Digital Assets, is seeking public feedback and plans to move the bill through Congress.
Senator Cynthia Lummis has announced a new bill designed to remove taxes on cryptocurrency transactions under $300 in the United States. The legislation would allow Americans to carry out small digital asset transactions tax-free and seeks to reform the current tax treatment of digital assets.
The bill also proposes to eliminate double taxation for digital asset miners and stakers, who help power blockchain networks. According to estimates from the Congressional Joint Committee on Taxation, the proposal is projected to increase federal revenue by about $600 million over the period from 2025 to 2034.
“In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,” said Lummis. “This groundbreaking legislation is fully paid-for, cuts through the bureaucratic red tape, and establishes common-sense rules that reflect how digital technologies function in the real world.” Lummis added that she welcomes public comments on the legislation while it is under consideration.
The legislation outlines several major changes, including a $300 exemption threshold for small crypto transactions, elimination of extra tax on crypto mining and staking, tax parity with traditional financial assets, and relief from valuation reports for digital asset charitable donations.
Earlier this year, Lummis became chair of the Senate Banking Subcommittee on Digital Assets. She has previously introduced crypto-related bills and supports the idea of creating a U.S. Bitcoin reserve. The bill now faces Senate review before moving to the House of Representatives. Lawmakers note that recent shifts in the political landscape could make it easier for crypto-focused bills to gain approval.
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