Cynthia Lummis’ crypto tax: Will Bitcoin miners see much-needed relief?

Key Points

1. Senator Lummis advocates for taxing crypto only when sold, not when received or used, to prevent double taxation.

2. Current IRS rules tax crypto block rewards as income and again when sold, which Lummis calls unfair.

3. Industry groups, including Stand With Crypto and the Blockchain Association, support Lummis' proposal.

4. The amendment, if passed, would overhaul U.S. crypto taxation, benefiting miners and stakers.

5. Michael Saylor and other industry leaders endorse the proposal, arguing it is essential for U.S. crypto competitiveness.