- Senator Cynthia Lummis promised a fiscal change to remove the tax burden linked to crypto use.
- Her proposal has been supported by the best groups for the industry.
US Senator Cynthia Lummis has proposed a change in to offer tax relief to crypto dealers and Bitcoin (BTC) miner.
Through an X (former Twitter) post On June 30, Lummis promised to ensure that Americans use crypto without worrying about the taxman.
“I work with an OBBB change to ensure that Americans can use digital assets without fear of tax violations. More coming soon!”
Republicans in the Senate run the controversial reconciliation proposal called OBBB, or “a large beautiful bill”.
At present, the bill is discussed when legislators provide suggestions and vote for key Changes before a floor vote planned before July 4.
“Miners and stakers are taxed twice”
Lummis decided the current tax regime for “double taxation” of crypto, miners and validator operators. She abandonedThe
“For several years, miners and stakes have been taxed twice. Once when they get block rewards and again when they sell it.”
She added that it is “time to stop unfair tax treatment” to achieve President Donald Trump’s vision of making America the world’s BTC and Crypto Superpower.
For perspective, currently US Internal Revenue Service (IRS) candy Mining, investment, crypto payment receipts and flights as usual income and subject to the typical income tax rate.
Typical use that buying a coffee via crypto can trigger a taxable event.
In addition, it has to sell the same assets later with capital gains tax – effectively taxing users twice. Lummi’s proposal aims to reverse that model: Tax only at the point of sale, not when used or receipt.
Saylor enters: “End it now”
Michael Saylor, founder of the strategy (formerly Micro Strategy), the leading pioneer in BTC Corporate Treasury, echoed her position and mentionedThe
“We have to end unfair treasures on BTC miners if America will be the world’s bitcoin -supermarket.”
In May, Lummis advocated for the dismissal of biden-era crypto tax rules that would force crypto companies to pay taxes even if they are unprofitable.
Some top crawls -advocating groups supported Lummi’s tax proposals. Coinbase-linked stand with crypto prompted Congress to ensure that Americans use crypto as cash.
Source: Stand with crypto/x
For its part, Summer Mersinger, CEO of Blockchain Association, a collective voice for the crypto sector, mentionedThe
“By adding lumini-tax amendment to the large beautiful bill, the Senate can create more just and long-term sustainability in our industry.”
The amendment is not law yet. But if it is approved, it would review how crypto taxes work in the United States, which ends double taxation on efforts and mining rewards and possibly make small everyday crypto payments tax-free.
