The post Senator Lummis Proposes Tax Exemption for Small Crypto Transactions appeared on BitcoinEthereumNews.com.

Key Points: Senator Lummis proposes tax exemption for small crypto transactions in a budget bill. Exempts crypto transactions under $300 from taxes. Targets miners and stakers with proposed tax changes. U.S. Senator Cynthia Lummis plans to introduce a cryptocurrency tax exemption for small transactions into a budget bill, with the goal of reducing the tax impact on minor crypto activities. This proposal could streamline tax obligations for cryptocurrency users and miners, aligning U.S. tax policy with crypto adoption realities. Crypto Transactions Under $300 Could See Tax Relief Senator Lummis is leading efforts to attach a crucial crypto tax provision to a reconciliation bill. It aims to exempt minor crypto transactions under $300 from taxation—a shift that many industry insiders applaud, particularly miners and stakers who face double taxation on rewards. Miners and stakers are currently taxed on both receiving and selling rewards. The proposed changes target these activities, potentially providing a clear framework for crypto handling and stimulating broader acceptance and use. “For years, miners and stakers have been taxed TWICE. Once when they receive block rewards and again when they sell it. It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.” — Cynthia Lummis, U.S. Senator Bitcoin’s Market Performance Amid Legislative Moves Did you know? Exempting small crypto transactions from taxes has been debated repeatedly in previous legislative cycles, with minimal progress until now, reflecting the ongoing challenge to integrate crypto into mainstream financial systems. As of July 1, 2025, Bitcoin (BTC) is priced at $107,378.19, with a market cap of $2.13 trillion. The cryptocurrency holds a 64.39% market dominance. Recent trading volume hit $42.10 billion, despite a 1.22% drop in the past 24 hours. According to CoinMarketCap, Bitcoin’s trajectory shows a 2.94% rise over 30 days. Bitcoin(BTC), daily chart,…

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Filed under: News - @ July 1, 2025 3:25 am