Senator Cynthia Lummis, a prominent supporter of pro-Bitcoin legislation, is proposing changes to tax laws concerning Bitcoin mining rewards to eliminate double taxation.
Goals of the Reform
The primary focus is on eliminating double taxation on Bitcoin mining rewards. At the 2025 Bitcoin Conference, Lummis stated that "current tax laws make such transactions difficult and impractical."
Impact on the Industry
The proposed changes could attract more business activity within the U.S. crypto industry by creating a more favorable tax environment for miners. The removal of the double tax could signal increased institutional interest from domestic and international companies.
Supporting the Initiative
Industry figures support Lummis's initiative, emphasizing the need for a clear distinction between miners and brokers. This plan could help mitigate challenges posed by the 2021 Infrastructure Act and position the United States as a more competitive mining hub.
The tax reform proposed by Senator Lummis may significantly improve conditions for miners in the U.S. and enhance the country's attractiveness for crypto industry development.
