US Senator Cynthia Lummis drafts standalone crypto tax bill
The Wyoming Senator seeks to end double taxation and add clarity to the tax treatment of crypto staking, mining, and lending transactions.
US Senator Cynthia Lummis submitted a draft bill on Thursday, outlining several provisions to overhaul the tax code and exempt certain digital asset transactions from taxation after crypto amendments failed to appear in the budget package.
The bill proposes a de minimis exemption for digital asset transactions and capital gains of $300 or less, with a $5,000 annual exemption cap.
The Wyoming Senator also outlined provisions to exempt crypto lending agreements and digital assets used in charitable contributions from taxation. Additionally, the bill proposed deferring taxes on mining and staking rewards until the underlying assets are sold. Lummis said:
