Sen. Lummis Proposes Crypto Tax Bill With $300 Limit, Mining & Staking Relief
2025-07-04 09:28:05
Main Idea
Senator Cynthia Lummis has introduced a crypto tax bill proposing a $300 de minimis exemption for crypto transactions, aligning mining and staking rules with economic reality, and generating $600 million in federal revenue over the next decade.
Key Points
1. The bill includes a $300 de minimis exemption for crypto transactions, increasing to $5,000 per taxpayer by 2026, adjusted for inflation.
2. Mining and staking rules are designed to align with economic reality, treating them differently from traditional securities.
3. A 30-day rule will be uniformly applied across asset classes for consistency.
4. The bill is projected to generate $600 million in federal revenue over the next decade.
5. Transition provisions are included, with some rules taking effect on December 31, 2025, and others by December 31, 2035.
Description
Wyoming Senator introduces comprehensive crypto tax reform addressing compliance. The $300 de minimis rule eliminates taxation on small digital asset transactions. Mining and staking income are deferred until the actual sale of produced assets occurs. Senator Cynthia Lummis of Wyoming has introduced comprehensive digital asset tax legislation aimed at creating practical rules for cryptocurrency users while generating $600 million in federal revenue over the next decade. The bill addresses multip...
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