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Coin Edition 2025-06-11 10:30:00

The Unworkable Law: Why a 2021 Rule Is Causing a Tax Nightmare for the Crypto Industry

The Unworkable Law: Why a 2021 Rule Is Causing a Tax Nightmare for the Crypto Industry

Lummis seeks urgent crypto tax reform to prevent double taxation on miners and DeFi users. 2021 law’s “broker” definition draws criticism for demanding unreachable user data. Congress weighs crypto bills as Lummis pushes for reconciliation to ease compliance rules. U.S. Senator Cynthia Lummis is urging Congress to revise current tax policies affecting Bitcoin and other digital assets, warning that the existing framework imposes unfair burdens on miners, developers, and decentralized finance (DeFi) participants. In a statement posted on X, the Wyoming lawmaker cited specific flaws in the classification and reporting standards for crypto-related activities, which she argues are obstructing innovation and creating significant compliance challenges across the American crypto sector. Bitcoin and digital assets are being unfairly targeted because of flawed tax rules. We need crypto revisions in reconciliation. — Senator Cynthia Lummis (@SenLummis) June 10, 2025 Lummis Highlights “Double Taxation” for Miners and Unfair DeFi Rules Among the major issues raised, Senator Lummis pointed to the treatment of Bitcoin miners under current tax regulations. She … The post The Unworkable Law: Why a 2021 Rule Is Causing a Tax Nightmare for the Crypto Industry appeared first on Coin Edition .

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