US senator Cynthia Lummis filed a draft bill on Thursday, outlining several provisions to overhaul the tax code and exclude some digital transactions from taxation after crypto changes failed in the budget package.
The Bill Suggests an exemption of de minimis for digital asset transactions and capital revenues of $ 300 or less, with a $ 5,000 annual exemption cap.
The Wyoming Senator also described provisions to exclude lending agreements in crypto and Digital assets used in charity contributions From taxation. In addition, the bill suggested that mining taxes and Staking rewards Until the underlying ownership is sold. Bummis Says:
“This groundbreaking law is fully paid, cut by bureaucratic red tape, and establishes common rules that reflect how digital technologies work in the real world. We do not allow our archaic tax policies to stifle modern American.
My law ensures that Americans can participate in the digital economy without accidental tax violations, ”he continued.
Standalone Draft Bill now is the best chance of Wyoming Senator to pass the pro-crypto law promised to the crypto community after Senators passed the spending bill without addressing digital property.
Related: Will Bitcoin benefit from the ‘Big Beautiful Bill’ lane and increase the US debt ceiling?
Double taxation, unclear policies failed US crypto investors
Taxation of digital asset has become a hot button in the crypto industry, including executives, investors, merchants, and users BIGO by lack of clarity and tax efficiency in the United States.
A major topic of contention is the Tax treatment of fully decentralized finances (DEFI) Protocols and non -customial platforms where developers have no control over funds or consensus policies.
https://www.youtube.com/watch?v=mrlojzed1_Y
In June, US lawmakers at the House Financial Services Committee introduced An amendment to the Digital Asset Market Clarity Act of 2025, the crypto market structure bill, The release of developers of decentralized protocols from sorting as money shipping services.
It will also release these defi protocols from the same tax reporting requirements as centralized exchanges and other crypto businesses that use a traditional business structure.
US lawmakers are Scrambling to include crypto provisions In the final version of the expenditure of the bill before it hit President Donald Trump’s desk.
Magazine: Dangers to us are ‘front run’ in Bitcoin Reserve by other countries: Samson Mow
