Main to remember
- Senator Lummis presented legislation to modernize the rules of cryptography and encourage innovation.
- The proposal includes an exemption from $ 300 minimis and updated rules for minors, stakers and loans.
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Senator Cynthia Lummis puts pressure for digital asset tax reform thanks to new legislation planned to generate $ 600 million from 2025 to 2034 and rationalize the tax treatment of crypto holders, according to a press release on Thursday.
The bill aims to exempt cryptographic transactions below $ 300 on capital gains tax, which would help rationalize daily cryptography payments. The $ 300 threshold applies both to the value of the transaction and the total gain, with an annual ceiling of $ 5,000 and inflation adjustments from 2026.
Depending on the measures proposed, the crypto won by the exploitation or the markup will only be imposed once when it is sold or exchanged, not when it is received for the first time.
The other key provisions include the extension of safety loan rules to digital assets, the implementation of a 30 -day washing sales rule for cryptographic transactions and allowing dealers and merchants to eliminate brand treatment.
Senator Lummis said that the recasting of the tax code which supports the growth of digital assets is essential for the United States to be ahead of global innovation and finance.
“This revolutionary legislation is fully paid for bureaucratic administrative formalities and establishes common sense rules that reflect the functioning of digital technologies in the real world,” noted the senator.
“We cannot allow our archaic tax policies to stifle American innovation, and my legislation guarantees that Americans can participate in the digital economy without inadvertent tax violations,” added Lummis, noting that it welcomes the public’s comments on legislation.
Lummis seeks to adopt the bill by the Congress and to deliver it to President Trump for approval and promulgation.
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