US Senator Pushes Crypto Tax Bill With $300 De Minimis Threshold

Key Points

1. The bill introduces a $300 de minimis threshold for crypto transactions, exempting small payments like buying coffee from detailed tax reporting.

2. The threshold applies to both transaction value and total gain, with a yearly cap of $5,000 to prevent abuse.

3. Senator Lummis argues the bill will reduce burdens on digital asset users and promote the use of crypto as a medium of exchange.

4. The proposed reforms are projected to generate $600 million in net revenue over the next decade.

5. The bill aims to eliminate double taxation and align crypto taxation with practical usage, fostering broader adoption.