Senator Lummis Introduces Standalone Crypto Tax Reform Bill


Wyoming Senator Cynthia Lummis has drafted comprehensive legislation to overhaul digital asset taxation after crypto amendments failed in the budget package.


The bill proposes a de minimis exemption for crypto transactions and capital gains of $300 or less.


Annual exemption caps would be set at $5,000 to prevent inadvertent tax violations for small transactions.


The legislation would exempt crypto lending agreements and digital assets used in charitable contributions from taxation.


#Mining and #staking rewards would face deferred taxation until the underlying assets are sold.


Lummis emphasized the bill cuts bureaucratic red tape and establishes common-sense rules for digital technologies.


The standalone draft represents the Wyoming Senator's best opportunity to pass pro-crypto #taxation legislation this session.

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July 03, 2025 at 11:25 PM
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