Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill
2025-06-30 23:27:21
Main Idea
U.S. Senator Cynthia Lummis is proposing to waive taxes on small-scale crypto transactions to reduce tax burdens and encourage crypto adoption, while also addressing tax issues related to crypto lending and staking.
Key Points
1. Senator Cynthia Lummis is advocating for tax exemptions on small crypto transactions (capped at $5,000) to simplify tax policies and promote crypto usage.
2. The proposal includes addressing tax concerns with crypto lending, wash sales, and charitable contributions.
3. The amendment aims to correct the taxation of staking and block rewards, which are currently taxed at both acquisition and sale points.
4. The measure is part of a broader legislative effort, though it has not yet been voted on and faces challenges in Congress.
5. Industry groups support the move, calling it a correction of long-standing tax treatment issues for crypto rewards.
Description
U.S. Senator Cynthia Lummis is seeking to slip a significant crypto tax measure into the massive budget bill that backs much of President Donald Trump's agenda, trying to reduce tax consequences stemming from fundamental cryptocurrency activities. Lummis sought on Monday to insert language into Congress' " Big Beautiful Bill " that would, among other things, waive taxes on small crypto transactions below $300 and would — in the industry's view — rationalize a tax approach that currently has peop...
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