en.bitcoinsistemi.com
Describing current practices for taxing digital assets as “outdated,” Wyoming Senator Cynthia Lummis today introduced a new bill that aims to modernize cryptocurrency taxation.
With this move, Lummis has brought the crypto-friendly regulations he has been advocating for a long time back to the Congressional agenda.
The Republican senator’s new bill is almost identical to provisions President Donald Trump tried to include in his “One Big Beautiful Bill Act” reconciliation package earlier in the week, but those provisions were not included in the package and were not put to a vote during the vote.
“We cannot allow outdated tax policies to stifle American innovation,” Lummis said in a statement. “This bill ensures that our citizens can participate in the digital economy without accidentally committing tax violations.” He also invited public comments on the bill, saying he aims to “get it to the President’s desk.”
The highlights of the new bill include ending double taxation of mining and staking activities and exempting digital asset transactions of up to $300 from tax. This threshold aims to eliminate the need for users to keep tax records at every step for small transactions, such as buying coffee with Bitcoin.
*This is not investment advice.