In the U.S., a new bill proposed by Senator Cynthia Lummis is under discussion, aimed at changing tax rules for cryptocurrency holders. The bill seeks to reduce tax liabilities and simplify interactions with tax authorities.
Key Tax Changes for Crypto Assets
The proposed bill includes key changes in the taxation of crypto assets. One of the most significant aspects is the exemption from taxes on transactions under $300 for capital gains. This exemption covers both the transaction value and the total gain, with a yearly limit of $5,000 and adjustments for inflation beginning in 2026.
Benefits of the New Bill
The legislation also proposes that crypto gained from mining or staking will only be taxed when it is sold or exchanged, rather than at the time of receipt. This change is intended to reduce the tax burden for cryptocurrency users and encourage more people to get involved in the digital economy. Additionally, the bill suggests applying current securities lending rules to digital assets and introducing a 30-day wash sale rule for crypto transactions.
Senator Lummis's Views on Tax Reform
Senator Lummis emphasizes that updating the tax code is crucial for the U.S. to remain competitive in the global financial system and innovation. She described the legislation as groundbreaking. "This is a fully funded bill aimed at removing bureaucratic hurdles while creating practical rules that match the realities of digital technologies," she noted.
Thus, the proposed changes in the taxation of digital assets could significantly impact the cryptocurrency market, making it more accessible to users. Senator Lummis believes that such reforms are necessary to stimulate innovation and enhance U.S. competitiveness.
