๐ ๐.๐. ๐๐ซ๐ฒ๐ฉ๐ญ๐จ ๐๐๐ฑ ๐๐ซ๐๐๐ค ๐๐ข๐ฅ๐ฅ: ๐๐ฎ๐ฆ๐ฆ๐ข๐ฌ ๐๐๐ฒ๐ฌ โ๐๐จ ๐๐๐ฑโ ๐๐จ๐ซ ๐๐ฆ๐๐ฅ๐ฅ ๐๐ฉ๐๐ง๐๐ฌ & ๐๐ข๐ง๐ข๐ง๐ ๐๐จ๐ฎ๐๐ฅ๐-๐๐๐ฑ
๐บ๐ธ U.S. Senator Cynthia Lummis has introduced a new bill to change crypto tax rules and make them fairer for users, miners, and stakers.
โฌ โก๏ธ No More Double Tax on Mining & Staking
Miners and stakers are currently taxed twice โ when earning and again when selling.
๐ข The new bill removes the first tax. You only pay when you sell or exchange the crypto.
โฌ โก๏ธ Spend Crypto Under $300? No Tax Reporting
If you use crypto for small payments under $300, you wonโt need to report it.
This promotes everyday crypto use like buying coffee or paying bills.
โฌ โก๏ธ New Legal Definition for "Digital Asset"
The bill adds a formal definition of digital assets, including NFTs and stablecoins, in U.S. tax code.
โฌ โก๏ธ Modern Rules for a 24/7 Market
The bill aims to update outdated rules, like wash-sale laws, which donโt fit cryptoโs round-the-clock trading.
๐ Why It Matters:
Senator Lummis believes the U.S. must create fair crypto laws to stay globally competitive. The bill is expected to attract bipartisan support.
๐ If passed, it could make U.S. crypto use much easier and more tax-efficient for regular users and builders alike.