Senator Cynthia Lummis aims to update tax legislation to support innovation and the development of digital assets in the U.S.
Administration’s Stance on Digital Assets
Senator Lummis described the current U.S. administration as the 'most pro-digital asset' in history, emphasizing the need for updated tax codes to drive innovation.
New Tax Legislation Initiatives
Lummis, as chair of the Senate Banking Subcommittee on Digital Assets, introduced legislation addressing various tax issues related to digital assets, including staking rewards and transaction exemptions.
Financial Implications and Market Future
The proposed changes are expected to simplify compliance for cryptocurrency users and bolster the digital asset market. Estimates suggest that new initiatives could generate $600 million in revenue over nine years.
Senator Lummis emphasizes the need for tax code changes to support the digital economy and prevent obstacles to American innovation.
