Sen. Lummis Seeks Crypto Tax Reforms
Senator Cynthia Lummis is championing an amendment for fairer tax treatment of digital assets in the so-called "big, beautiful bill." As the Senate discusses the 1,000-page reconciliation bill, Lummis pushes for provisions that address the double taxation of crypto miners and stakers. Her proposal includes a $300 de minimis exclusion and clarity on taxing mining and staking rewards at the point of economic benefit, not receipt. Crypto advocates, including the Bitcoin Policy and Solana Policy Institutes, urge public support by contacting lawmakers to advance these necessary reforms. Whether Lummis' amendment will be included remains uncertain as Senate votes continue.
FAQ
❓ What changes is Sen. Lummis proposing for crypto taxes?
Sen. Lummis suggests a de minimis exclusion and a fair taxation approach for miners and stakers.
❓ Why is this amendment important for the crypto industry?
It aims to correct the unfair double taxation on mining and staking, promoting US leadership in crypto.
❓ How can the public support these changes?
Advocates encourage reaching out to lawmakers to express support for the proposed tax reforms.