Key dealers
- Senator Lummis introduced legislation to modernize crypto tax rules and encourage innovation.
- The proposal includes an exception for $ 300 de minimis and updated rules for miners, fans and lending.
Senator Cynthia Lummis Presses on for digital assets in access through new legislation that is estimated to generate $ 600 million from 2025 to 2034 and streamlines taxpayers for crypto holders, according to a Thursday News drop.
The bill Trying to free crypto transactions under $ 300 from capital gains tax, which would help to streamline everyday crypto payments. The threshold of $ 300 applies to both transaction value and total profit, with a $ 5,000 year old cap and inflation adjustments starting in 2026.
According to the proposed measures, crypto, which is served by mining or investing only once when sold or replaced, is not taxed, not when it is first received.
Other important provisions include extending the rules for lending security to digital assets, implementing a 30-day laundry sales rule for crypto transactions and allowing retailers and traders to choose land-to-market treatment.
Senator Lummis stated that a review of the tax code that supports the growth of digital assets is the key for the United States to remain in global innovation and finance.
“This groundbreaking legislation is fully paid, cuts through the bureaucratic bureaucracy and establishes rules for common sense that reflects how digital technology works in the real world,” the Senator noted.
“We cannot allow our archaic tax policy to suffocate US innovation, and my legislation ensures that Americans can participate in the digital economy without unintentional taxes,” added lummy and noted that she welcomes public comments on legislation.
Lummis tries to approve the bill through Congress and deliver it to President Trump for approval and assumption.
