Senator Cynthia Lummis Introduces Standalone Crypto Bill
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US Senator Cynthia Lummis (Republican from Wyoming) introduced a bill on Thursday that proposes significant changes to cryptocurrency taxation, after related amendments were excluded from the recent budget package.

The legislation includes a de minimis exemption for cryptocurrency transactions and capital gains under $300, with an annual cap of $5,000.

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It also aims to exempt cryptocurrency lending agreements and charitable contributions of digital assets from taxation.

In addition, the bill would defer taxes on mining and staking rewards until the assets are sold.

Given that the spending bill passed without cryptocurrency provisions, this standalone proposal represents Lummis' latest effort to push for cryptocurrency-friendly reforms.

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