🇺🇸 JUST IN: Senator Cynthia Lummis Introduces Bill to Exempt Tax on Crypto Transactions Under $300
🧾 What the Bill Proposes:
• Exemption from capital gains taxes for crypto transactions under $300.
• Applies when using crypto for daily purchases, like coffee, groceries, or online goods.
• Essentially treats small crypto transactions like normal cash or card purchases — no tax headaches!
💡 Why It Matters:
• Currently, every crypto transaction is a taxable event, even if it’s for $2.
• That creates a huge barrier to using crypto as actual money — imagine filing taxes for every Starbucks run!
• This bill removes friction and encourages everyday crypto spending.
🧠 Who’s Behind It?
• Senator Cynthia Lummis (R-WY) — a long-time supporter of Bitcoin and blockchain innovation.
• She’s been a vocal advocate for regulatory clarity in crypto.
📈 Crypto Community Reaction:
• Widely seen as a pro-crypto move that could accelerate adoption.
• Many compare it to when the internet got practical laws in the 1990s — slow start, but huge impact.
🔮 What’s Next?
• The bill needs to pass through the Senate and House.
• Could be added to broader financial reform legislation or voted on as a stand-alone bill.
• If passed, it could take effect in the coming tax year.
🧠 TL;DR:
Buy a bagel with Bitcoin → No more IRS nightmare
Under $300 = No tax reporting needed
#BTCReclaims110K #TrumpVsMusk #OneBigBeautifulBill #CryptoTaxReform #btc