Crypto Tax Proposal That Didn't Make it to Trump's Budget Bill Pushed on Its Own
2025-07-03 16:48:46
Main Idea
Senator Cynthia Lummis introduced a bill to address unfair taxation of crypto gains, including eliminating double taxation on staking rewards and capping capital gains at $5,000 annually, though it was not included in President Trump's budget bill.
Key Points
1. Senator Cynthia Lummis introduced a bill to reform crypto taxation, focusing on eliminating double taxation for staking rewards and capping capital gains at $5,000 per year.
2. The bill aims to prevent outdated tax policies from hindering innovation in U.S. crypto markets and stablecoin issuers.
3. Lummis is also pushing for a federal bitcoin reserve as part of her legislative efforts.
4. The bill was not included in President Trump's budget bill but is being pursued separately.
5. Lummis has committed to delivering the market structure bill to Trump's desk by the end of September.
Description
Tax proposals meant to reduce burdens among crypto users, including one that would waive capital-gains calculations for small-scale transactions, didn't make it into President Donald Trump's marquee budget bill but are now being pursued as standalone legislation in the U.S. Senate. Senator Cynthia Lummis, who leads the crypto subcommittee within the Senate Banking Committee, introduced the bill on Thursday to address a number of the digital assets sectors' chief taxation complaints. The legislat...
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