๐ฅ๐ฅU.S. Senator Lummis Proposes Digital Asset Tax Reform Bill๐ฅ๐ฅ
Lummis Unveils Tax Bill Targeting $600 Million Revenue
U.S. Senator Cynthia Lummis's new legislation addresses digital asset issues such as tax parity and reducing double taxation. The bill's introduction is part of ongoing efforts to adapt tax law to the digital economy. It features a $300 minimis rule and aims to simplify charitable donations. If passed, it could reduce administrative burdens on digital asset transactions. Senator Lummis welcomes public comments on the legislation, emphasizing it as a step toward competitiveness in the digital economy. The crypto community hopes this reform will enhance adoption through clearer regulations.
The proposal includes significant changes to the tax code that could simplify the process for digital asset users, particularly in terms of charitable donations and the de minimis rule.