Senator Lummis Introduces Standalone Crypto Tax Legislation in Senate
Senator Cynthia Lummis introduced a standalone bill in the U.S. Senate to address taxation issues for crypto users after proposals were excluded from President Trump's budget bill. Key points include:
- A $300 threshold for crypto transactions exempt from capital-gains calculations, limited to $5,000 annually.
- Elimination of double taxation on crypto received through staking, mining, airdrops, and forks, focusing tax only on gains from sales.
- Provisions for lending, wash sales, charitable contributions, and allowing traders to mark assets to current market value.
Lummis emphasizes the need for updated tax policies to support innovation in the digital economy. However, the bill faces challenges in gaining attention amid other pressing crypto regulations, including a market structure bill due by September 30.