Senator Lummis pushes for crypto-friendly amendments in Trump’s Big Beautiful Bill
2025-07-01 06:57:34
Main Idea
U.S. Senator Cynthia Lummis proposes a crypto tax amendment to address capital gains and eliminate double taxation for miners and stakers, aiming to encourage digital asset adoption and industry growth.
Key Points
1. The amendment includes a $5,000 annual cap on tax-free crypto activity and changes to how staking and mining rewards are taxed.
2. It seeks to resolve 'double taxation' by taxing rewards only when sold, not upon acquisition.
3. Crypto advocacy groups and industry figures, such as Michael Saylor, support the amendment, citing benefits for compliance and adoption.
4. Kristin Smith of the Solana Policy Institute highlights potential domestic growth and job creation from the amendment.
5. The proposal is seen as a corrective measure for misaligned tax policies affecting staking and block rewards.
Description
U.S. Senator Cynthia Lummis wants to add a crypto tax amendment to President Donald Trump’s Big Beautiful Bill to exclude small transactions from capital gains and resolve double taxation for miners and stakers. On June 30, Lummis announced her push to insert language into the sweeping budget reconciliation bill that would overhaul how digital asset activity is taxed. “It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower,” Lummis wrote on X....
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