According to TechFlow news on July 3, from the office of U.S. Senator Cynthia Lummis, Senator Lummis has introduced a comprehensive digital asset tax bill aimed at providing a clear tax framework for the digital asset industry.
The bill includes several key provisions: establishing a $300 tax exemption for small transactions, ending double taxation on digital asset miners and custodians, equal treatment with other financial assets (digital asset lending, wash sales, tax treatment at market value), and stipulating that charitable donations do not require valuation. According to the Joint Committee on Taxation of the U.S. Congress, this legislation will generate approximately $600 million in net revenue during the 2025-2034 budget window.
According to estimates by the Joint Committee on Taxation of the U.S. Congress, this bill will generate approximately $600 million in net revenue during the 2025-2034 budget window. Lummis stated that the bill aims to adapt the tax code to the digital economy and avoid hindering innovation in the United States.