According to Deep Tide TechFlow, on July 1, CoinDesk reported that U.S. Senator Cynthia Lummis is trying to quietly incorporate a significant cryptocurrency tax measure into President Donald Trump's massive budget proposal, aimed at reducing the tax burden arising from basic cryptocurrency activities.
Lummis proposed on Monday to include relevant provisions in Congress's 'Big Beautiful Bill', which includes a tax exemption for small crypto transactions (under $300). In the industry's view, this will streamline the current practice of taxing core cryptocurrency activities—staking and digital asset mining—at both the start and end of the activity.
The proposal also suggests setting the annual limit for small transactions at $5,000, significantly reducing the burden of calculating capital gains tax for those who conduct only a small number of digital asset trades. The industry believes this will eliminate many potential users' concerns about trying cryptocurrency.
The amendment pushed by Lummis has yet to be voted on and also involves tax issues related to cryptocurrency lending, wash trading, and charitable donations.