U.S. Senator Cynthia Lummis of Wyoming has introduced an independent bill aimed at significant reforms to the tax system for crypto assets. The bill proposes to exempt any crypto transaction and capital gains under $300 from taxes, with an annual tax-exempt limit set at $5,000. Crypto lending and crypto donations will also be tax-exempt, while taxes on mining and staking rewards will be deferred until the assets are sold. This is one of Lummis's major initiatives in support of the crypto industry, addressing widespread concerns over the unclear tax policy regarding DeFi.

Source: https://www.lummis.senate.gov/wp-content/uploads/Lummis-Crypto-Tax-Bill.pdf

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