Senator Lummis’s Crypto Bill May End Double Taxation
US Senator Cynthia Lummis submitted a draft bill on Thursday proposing to exempt certain crypto transactions from taxation and defer taxes on mining and staking rewards until the underlying tokens are sold.
“My legislation ensures Americans can participate in the digital economy without inadvertent tax violations,” said Lummis.
The senator’s draft bill was published three weeks after the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, passed the Senate in a 68–30 vote on June 11, Cointelegraph reported.
The GENIUS Act may “legitimize” stablecoins for institutional participants by setting clear collateralization standards, cementing them as a “better form of money,” said Andrei Grachev,…
