According to BlockBeats, U.S. Senator Cynthia Lummis has introduced a comprehensive digital asset tax bill aimed at securing key outcomes for the cryptocurrency industry and creating a level playing field for digital asset users across the United States.
Senator Lummis emphasized the need to reform tax laws to adapt to the digital economy, ensuring that the U.S. maintains its competitive edge without imposing burdens on digital asset users. She invited public feedback on the legislation, with the goal of advancing it to the President's desk promptly. The Joint Committee on Taxation estimates that the bill could generate approximately $600 million in net revenue from fiscal years 2025 to 2034.
The proposed legislation suggests several reforms to address digital asset tax issues, including:
- 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, covering aspects such as lending, wash sales, and mark-to-market taxation.
- Exemption from valuation reports for charitable donations.