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crypto.news 2025-07-03 18:43:02

Senator Cynthia Lummis introduces crypto tax bill

U.S. Senator Cynthia Lummis has introduced a cryptocurrency tax legislation proposal aimed at enacting a comprehensive digital asset tax framework in the United States. Lummis, who leads the Senate Banking Committee’s digital assets subcommittee, unveiled the crypto tax proposal on July 3, 2025, a day after it failed to make into the One Big Beautiful Bill Act as an amendment. The Senate recently passed OBBB, President Donald Trump’s mega tax and policy bill that’s now in the f inal stages of House approval before it heads to the president’s desk. You might also like: Senator Lummis pushes for crypto-friendly amendments in Trump’s Big Beautiful Bill A digital asset tax legislation The lawmaker has now introduced the proposal as standalone legislation. It seeks to amend the Internal Revenue Code of 1986 to reform how the U.S. tax code treats digital assets. Key highlights include a threshold, or de minimis rule, of $300 on crypto transactions, elimination of double taxation for crypto miners and stakers and tax parity – treating of crypto like other financial assets. The bill also proposes expanding securities lending rules to include digital assets, clarifying that digital asset lending is generally not a taxable event. “In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,” said Lummis. “This groundbreaking legislation is fully paid-for, cuts through the bureaucratic red tape and establishes common-sense rules that reflect how digital technologies function in the real world.” According to Lummis, it’s time America does not allow its “archaic tax policies” to stifle innovation. “My legislation ensures Americans can participate in the digital economy without inadvertent tax violations,” she added. In a statemen, Lummis said she welcomes public comments on the bill. Lummis’ crypto tax bill joins other notable digital asset regulation bills in the U.S., including crypto market structure and stablecoin regulation. Both the CLARITY and GENIUS Act bills are matters currently on Congress’ calendar. Following Trump’s election, Lummis introduced the Bitcoin Act , a bill that seeks to establish a BTC strategic reserve for the U.S. You might also like: U.S. Senate passes landmark Genius Act, aiming to bring clarity in stablecoin regulation

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