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…

Senator Cynthia Lummis Unveils Bill to Ease Crypto Tax Burdens

Senator Cynthia Lummis introduced a crypto-focused tax bill aimed at modernizing current digital asset regulations. The proposed legislation seeks to reduce tax burdens on everyday crypto use and staking activities. It marks a direct response to rising demands for clarity in how digital assets are taxed across the U.S. Senator Cynthia Lummis Proposes New Crypto Tax Bill Senator Cynthia Lummis submitted the standalone proposal just days after Con…

Best Presales Set to Surge as $300 Crypto Tax Break Makes a Comeback

Key Takeaways De minimis threshold: The bill proposes a $300 tax exemption for small crypto transactions up to $5K per year. Eliminates double taxation: It aims to end double taxation on staking, mining, and airdrops. This means that, if the bill passes, you’ll only be taxed on crypto rewards when you sell them. Boosts presales: Making crypto participation much more tax-efficient would create a more favorable environment for top presale project…

Sen. Lummis Proposes Crypto Tax Bill With $300 Limit, Mining & Staking Relief

Wyoming Senator introduces comprehensive crypto tax reform addressing compliance. The $300 de minimis rule eliminates taxation on small digital asset transactions. Mining and staking income are deferred until the actual sale of produced assets occurs. Senator Cynthia Lummis of Wyoming has introduced comprehensive digital asset tax legislation aimed at creating practical rules for cryptocurrency users while generating $600 million in federal reve…

Senator Lummis Unveils Crypto Tax Reform Bill For U.S. Users

New bill offers $300 crypto tax exemption for crypto daily purchases. Taxes on mined and staked tokens may only apply upon sale. Crypto lending, donations, and wash sales face tax reforms. Senator Cynthia Lummis has introduced new legislation to simplify crypto taxation in the United States. The bill targets taxation on everyday crypto transactions, mining, staking, lending, and donations. It aims to support innovation as well as provide more cl…

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…