{"id":4935,"date":"2025-07-03T18:45:09","date_gmt":"2025-07-03T18:45:09","guid":{"rendered":"https:\/\/bitunikey.com\/news\/senator-cynthia-lummis-introduces-crypto-tax-bill\/"},"modified":"2025-07-03T18:45:11","modified_gmt":"2025-07-03T18:45:11","slug":"senator-cynthia-lummis-introduces-crypto-tax-bill","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/senator-cynthia-lummis-introduces-crypto-tax-bill\/","title":{"rendered":"Senator Cynthia Lummis introduces crypto tax bill"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">U.S. Senator Cynthia Lummis has introduced a cryptocurrency tax legislation proposal aimed at enacting a comprehensive digital asset tax framework in the United States.<\/p>\n<p>Lummis, who leads the Senate Banking Committee\u2019s digital assets subcommittee, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.lummis.senate.gov\/press-releases\/lummis-unveils-digital-asset-tax-legislation\/\" target=\"_blank\">unveiled<\/a> the crypto tax proposal on July 3, 2025, a day after it failed to make into the One Big Beautiful Bill Act as an amendment.\u00a0<\/p>\n<p>The Senate recently passed OBBB, President Donald Trump\u2019s mega tax and policy bill that\u2019s now in the f<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/07\/03\/us\/politics\/house-trump-bill-obbb.html\" target=\"_blank\">inal stages<\/a> of House approval before it heads to the president\u2019s desk.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">A digital asset tax legislation<\/h2>\n<p>The lawmaker has now introduced the proposal as standalone legislation. It seeks to amend the Internal Revenue Code of 1986 to reform how the U.S. tax code treats digital assets.<\/p>\n<p>Key highlights include a threshold, or de minimis rule, of $300 on crypto transactions, elimination of double taxation for crypto miners and stakers and tax parity \u2013 treating of crypto like other financial assets. <\/p>\n<p>The <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.lummis.senate.gov\/wp-content\/uploads\/Lummis-Crypto-Tax-Bill.pdf\" target=\"_blank\">bill<\/a> also proposes expanding securities lending rules to include digital assets, clarifying that digital asset lending is generally not a taxable event.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIn order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,\u201d said Lummis. \u201cThis groundbreaking legislation is fully paid-for, cuts through the bureaucratic red tape and establishes common-sense rules that reflect how digital technologies function in the real world.\u201d<\/p>\n<\/blockquote>\n<p>According to Lummis, it\u2019s time America does not allow its \u201carchaic tax policies\u201d to stifle innovation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cMy legislation ensures Americans can participate in the digital economy without inadvertent tax violations,\u201d she added.<\/p>\n<\/blockquote>\n<p>In a statemen, Lummis said she welcomes public comments on the bill.<\/p>\n<p>Lummis\u2019 crypto tax bill joins other notable digital asset regulation bills in the U.S., including crypto market structure and stablecoin regulation. Both the CLARITY and GENIUS Act bills are matters currently on Congress\u2019 calendar. <\/p>\n<p>Following Trump\u2019s election, Lummis introduced the Bitcoin Act, a bill that seeks to establish a BTC strategic reserve for the U.S.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Senator Cynthia Lummis has introduced a cryptocurrency tax legislation proposal aimed at enacting a comprehensive digital asset tax framework in the United States. Lummis, who leads the Senate Banking&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/4935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=4935"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/4935\/revisions"}],"predecessor-version":[{"id":4936,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/4935\/revisions\/4936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/4570"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=4935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=4935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=4935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}