Senator Lummis Seeks to Waive US Taxes on Small-Scale Crypto Activity in Budget Bill
U.S. Senator Cynthia Lummis is seeking to slip a significant crypto tax measure into the massive budget bill that backs much of President Donald Trump’s agenda, trying to reduce tax consequences stemming from fundamental cryptocurrency activities.
Lummis sought on Monday to insert language into Congress’ “Big Beautiful Bill” that would, among other things, waive taxes on small crypto transactions below $300 and would — in the industry’s view — rationalize a tax approach that currently has people hit for taxes on both the front end and back end of activity at the heart of the sector’s inner workings: staking and digital assets mining.
The idea of making small transactions tax-free (capped at $5,000 in overall transactions each year)…
