Sen. Lummis Proposes Crypto Tax Bill With $300 Limit, Mining & Staking Relief

Wyoming Senator introduces comprehensive crypto tax reform addressing compliance. The $300 de minimis rule eliminates taxation on small digital asset transactions. Mining and staking income are deferred until the actual sale of produced assets occurs. Senator Cynthia Lummis of Wyoming has introduced comprehensive digital asset tax legislation aimed at creating practical rules for cryptocurrency users while generating $600 million in federal revenue over the next decade. The bill addresses multiple taxation issues that have created compliance burdens for ordinary digital asset users. The bill sets a $300 de minimis rule for digital asset transactions, consistent with foreign exchange regulations. The provision eliminates the tax reporting requirement for small buys such as buying coffee with Bitcoin, as long as transactions do not exceed the level or involve cash equivalents. The bill permits annual caps that limit total excluded gains to $5,000 per taxpayer, adjusted for inflation after 2026. Related transactions need to be aggregated under the draft rules to prevent abuse without diminishing the rules’ practical applicability to ordinary digital asset cos… The post Sen. Lummis Proposes Crypto Tax Bill With $300 Limit, Mining & Staking Relief appeared first on Coin Edition .

Source: Coin Edition