Analysis: The tax exemption clause for small cryptocurrency transactions has not yet shown signs of passing, or the opportunity may have been missed

ChainCatcher news, according to crypto journalist Eleanor Terrett, after more than 24 hours of the amendment process in the U.S. Senate, Senator Cynthia Lummis (the proponent of the Bitcoin Reserve Act) has not shown any signs of passing her cryptocurrency tax proposal, and the time window for submitting the proposal for Senate discussion may have closed or the opportunity may have been missed.

Previously, Senator Lummis proposed to include a tax exemption for small cryptocurrency transactions in the "Beautiful Act," which includes provisions for tax exemption on small cryptocurrency transactions (below $300), and it is seen in the industry as a way to streamline the current practice of taxing core activities of cryptocurrency—staking and digital asset mining—at both the beginning and end of the activities.