U.S. Senator Cynthia Lummis proposes cryptocurrency tax reform bill: suggesting tax exemption for small transactions and elimination of double taxation on staking

ChainCatcher News: U.S. Senator Cynthia Lummis today introduced a comprehensive digital asset tax bill, aiming to secure multiple key outcomes for the crypto industry and committed to creating a fair competitive environment for digital asset users across the nation.

Cynthia Lummis stated, "To maintain America's competitive edge, we must reform the tax code to accommodate the digital economy, rather than impose burdens on digital asset users. I welcome public input on this legislation and hope to get it to the President's desk soon."

According to estimates from the Congressional Joint Committee on Taxation, the bill is expected to generate approximately $600 million in net revenue during the fiscal years 2025 to 2034. The bill proposes reforms addressing several digital asset tax issues, including:

• Tax exemption for small transactions: establishing a $300 minimum threshold rule;
• Elimination of double taxation for miners and stakers;
• Tax parity between digital assets and traditional financial assets (such as lending, wash sales, and taxation based on market value);
• Charitable donations without valuation reports.