Republicans in the U.S. Senate push to include cryptocurrencies in the tax and spending bill

According to reports, Wyoming Republican Senator Cynthia Lummis is pushing to add provisions to her party's tax and spending bill to reform the taxation of cryptocurrencies in the United States. The core content includes extending the 'wash sale rule' for securities to the cryptocurrency space, which is expected to generate billions in tax revenue, while exempting Bitcoin miners from the obligation to report gains and losses. Lummis submitted a tax reform proposal co-drafted with Senator Kirsten Gillibrand to Senate Finance Committee Chairman Mike Crapo. Lummis emphasized that the current tax system has flaws that need to be corrected, while Gillibrand believes the timing for legislation is not yet mature. Members of the Finance Committee have consulted with President Trump regarding the contents of the bill, and Louisiana Senator Bill Cassidy revealed that the president is concerned about the 'work account benefits' provision. If the proposal is passed, it will become the first systematic taxation framework for crypto assets in the United States.