Senate Republican Unveils Digital Assets Taxation Package

Senate Republican unveils digital assets taxation package

Sen. Cynthia Lummis (R-Wyo.) unveiled new legislation Thursday updating tax rules for cryptocurrencies, as Congress continues to move toward establishing a comprehensive regulatory regime for digital assets.  “In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,” Lummis said in a statement.  The crypto tax package would establish a de minimis rule for digital asset…

Lummis Proposes Crypto Tax Bill to Modernize U.S. Laws

Senator Cynthia Lummis recently proposed a standalone crypto tax legislatio. Wyoming-based Republican lawmaker updated the tax regulation to ensure that it aligns with the ongoing changes in the crypto universe. The bill aims at filling a gap in the present tax regulation created by the Infrastructure Investment and Jobs Act of 2021. This did not properly happen to explain the crypto tax liability. The bill would target to exclude small crypto g…

Senator Lummis Presents Bill To Insert Crypto Tax Definitions To Shield Micro-payments, Validation Rewards - Data Intelligence

Senator Cynthia Lummis filed a bill on July 3 that rewrites multiple sections of the Internal Revenue Code to govern how crypto users calculate, defer, and report taxable income. The measure inserts statutory definitions for “digital asset” and “actively traded digital asset,” classifying any cryptographically recorded unit of value as property unless it merely mirrors a traditional financial instrument. A new §139J excludes gains or losses when…

Senator Lummis Unveils Bill To Clarify Cryptocurrency Tax Obligations

Senator Cynthia Lummis has introduced a digital asset tax legislation to rewrite unfair digital asset tax obligations in the US. Lummis’s new bill ultimately aims to promote innovation in the US by unburdening digital asset users from archaic tax policies. As America aims to become the global crypto capital, Senator Cynthia Lummis has introduced a digital asset tax bill to address the country’s unfair crypto taxation policies, establish clear gu…

New U.S. Bill Could Eliminate Crypto Taxes on Everyday Spending

The bill’s centerpiece is a tax exemption for small crypto purchases. Transactions under $300—such as buying coffee or groceries—would no longer trigger a taxable event, as long as total tax-free gains stay below $5,000 annually. The threshold will adjust for inflation beginning in 2026, paving the way for crypto to function more like traditional currency in daily life. The legislation also proposes a more practical tax schedule for crypto miner…

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

A sweeping crypto tax overhaul promises to unlock everyday digital asset use by slashing compliance burdens, exempting small transactions, and aligning crypto with traditional finance rules. De Minimis Rule Aims to Eliminate Tax Headaches for Small Crypto Payments Tax policy momentum is building as lawmakers aim to dismantle outdated financial frameworks that hinder digital innovation... The post US Senator Pushes Crypto Tax Bill With $300 De Mi…