CynthiaLummis

U.S. Senator Cynthia Lummis is once again shaking up the crypto world. This time, she’s introducing a bold tax proposal that could radically change how cryptocurrencies are taxed in the United States – and finally bring much-needed relief to Bitcoin miners.

⚖️ Tax Only at the Point of Sale, Not with Every Use
In a June 30th post on X (formerly Twitter), Lummis announced she is preparing an amendment to the OBBB bill (“One Big Beautiful Bill”), aimed at allowing Americans to use crypto without fear of tax penalties.
“I’m working on an amendment to the OBBB that ensures Americans can use digital assets without worrying about violating tax laws. More information coming soon!”
Her proposal would mean that cryptocurrencies are taxed only when sold, not when received or used in transactions – a major shift for the crypto community.

🪙 Double Taxation? Lummis Says: “Enough!”
Under current rules, miners and stakers face double taxation – once when they receive crypto as a reward, and again when they sell it.
“For years, miners and stakers have been taxed twice. Once when they received block rewards, and again when they sold them,” Lummis said. “It’s time to end this unfair treatment.”
Her goal aligns with Donald Trump’s vision of turning the United States into a global superpower in Bitcoin and crypto innovation.

📜 IRS Rules Are Outdated, Say Critics
The U.S. Internal Revenue Service (IRS) currently treats mining, staking, airdrops, and crypto payments as ordinary taxable income. Even something as simple as buying a coffee with crypto can trigger a taxable event. And if the same crypto is sold later, it incurs capital gains tax – essentially taxing the user twice.

📢 Strong Support from the Crypto World
Lummis’s proposal is gaining traction among key figures and organizations. Michael Saylor, founder of Strategy (formerly MicroStrategy) and a prominent Bitcoin advocate, backed her effort:
“We must end unjust taxes on BTC miners if America is to become the global Bitcoin superpower.”
Organizations such as Stand With Crypto, linked to Coinbase, and the Blockchain Association, representing crypto companies and developers, have also shown support.
Summer Mersinger, executive director of the Blockchain Association, stated:
“By adding Senator Lummis’s tax amendment to the Big Beautiful Bill, the Senate can create a fairer and more sustainable environment for our industry.”

🏛 What Happens Next?
Lummis’s amendment is not law yet, but if passed, it would completely reshape crypto taxation in the U.S.:
🔹 Eliminate double taxation on mining and staking

🔹 Allow small everyday crypto payments to go untaxed

🔹 Only tax crypto at the point of sale
Key votes on the OBBB amendments are expected by July 4th. The crypto community is watching closely – and if this passes, it could signal the beginning of a new era for U.S. crypto holders.

💬 What do you think of Senator Lummis’s proposal? Should Europe consider a similar reform?

#cryptotax , #Bitcoinmining , #CynthiaLummis , #Cryptolaw , #BTC

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

📌 In this article:

🔹 Senator Lummis pushes to include crypto tax changes in a major Senate reconciliation bill

🔹 Goal: End unfair double taxation of miners and stakers

🔹 Vision: Make the U.S. a global crypto and Bitcoin leader

🔹 Foreign investors flee U.S. bonds over debt and inflation concerns

Senator Cynthia Lummis, a well-known crypto advocate from Wyoming, is pushing for a breakthrough in U.S. tax policy. She aims to include key digital asset tax reforms in the so-called “big and beautiful” reconciliation bill currently under Senate review.
In a post on X, Lummis pointed out that miners and stakers face unfair double taxation: first when they receive block rewards, and again when they sell them. According to her, it's time to fix this outdated system and ensure the U.S. stays ahead in the global crypto race.

💡 What Is Lummis Proposing?
A document from her office reveals a proposal for a “de minimis” tax exemption for crypto transactions under $300, as well as changes to how mining and staking rewards are taxed — only upon actual economic benefit, not at the time of receipt. This would ease cash flow issues for taxpayers and reduce unnecessary tax burdens.

🔊 The Crypto Industry Backs Her Move
Lummis has received vocal support from crypto leaders.

Matthew Pines, Executive Director at the Bitcoin Policy Institute, urged people to contact their senators, especially Sen. Mike Crapo, ranking Republican on the Senate Finance Committee.
Kristin Smith, President of the Solana Policy Institute, also voiced support, saying that fair staking tax rules are essential for the U.S. to lead the global crypto space and drive local innovation and job growth.

📉 Trump’s Spending Plan Triggers Inflation Fears — Investors Ditch U.S. Bonds
Still, it’s unclear whether Lummis’s amendment will make it into the final version of the tax bill. President Trump is pushing for the bill to pass by this Friday, but it must still clear the House of Representatives.
As the bill moves through the Senate, foreign investors are pulling away from U.S. Treasuries, citing rising concerns about deficits and inflation driven by Trump’s tax cuts and stimulus plans.

🌍 Investors Look to Europe
Toshinobu Chiba of Simplex Asset Management in Tokyo said he has already shifted from U.S. Treasuries to European bonds via futures contracts. He plans to move to cash bond markets once Trump’s bill passes and inflation expectations rise. Germany, France, Australia, and Singapore are top picks for diversification.

A tax reform that could redefine the U.S. approach to crypto is on the line. Whether Lummis can secure her amendment in time remains to be seen — but the outcome could shape the future of digital finance.

#CynthiaLummis , #US , #DigitalAssets , #cryptolegislation , #CryptoInnovation

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

👀 However, the market seems indifferent. It’s still recovering from last week’s hype when Cynthia Lummis teased “big news,” sparking speculation about a Bitcoin reserve—only for it to turn out to be her appointment as Chair of the Senate Digital Assets Committee. 🤷
#CynthiaLummis #BitcoinReserve

Senator #CynthiLummis continues her mission to position the United States as a global leader in the digital asset space. Recently, she met with Paul Atkins, a former SEC Commissioner and a nominee for SEC Chair under the Trump administration, to discuss potential reforms in SEC regulations. The meeting centered on creating a balanced regulatory framework that supports innovation while maintaining oversight.

Lummis, a staunch Bitcoin advocate, highlighted her Bitcoin Strategic Reserve Act, a groundbreaking proposal that aims to have the U.S. Treasury acquire one million Bitcoins over the next five years and hold them for two decades. The plan is rooted in Bitcoin's unique attributes of scarcity and decentralization, which Lummis believes can serve as a hedge against inflation and contribute to addressing the nation’s $36 trillion debt. Inspired by El Salvador’s adoption of Bitcoin, she envisions incorporating Bitcoin into the nation’s fiscal policies to spur economic growth and establish the U.S. as a leader in digital innovation.

Strategic Partnership for Crypto Policies🎉

Lummis' discussion with Atkins builds upon her previous conversations with David Sacks, a prominent cryptocurrency advocate and former PayPal executive. Together, they aim to refine regulatory policies that provide clarity and foster innovation. Atkins, known for his crypto-friendly stance, brings invaluable experience and a vision of balanced oversight to the SEC. This approach contrasts with the previous administration's often criticized enforcement-heavy tactics under Gary Gensler.

During the meeting, Lummis and Atkins addressed the gaps exposed in high-profile cases like the Ripple Labs lawsuit, where the SEC faced criticism for inconsistencies in its regulation of digital assets. The senator emphasized the importance of clear, actionable rules that protect the market while encouraging blockchain innovation. With Atkins and Sacks supporting her agenda, Lummis is poised to drive a comprehensive overhaul of the U.S. crypto policy framework.

Paving the Way for the Future of Digital Assets🔥🔥🔥

Cynthia Lummis’ vision extends beyond regulation. By advocating for Bitcoin's integration into U.S. fiscal policy and championing reforms within the SEC, she seeks to position the nation at the forefront of the global cryptocurrency landscape. Her two-pronged strategy of regulatory clarity and economic innovation promises to unlock new growth opportunities for the blockchain sector while solidifying the U.S.’s leadership in digital assets.

With fresh leadership at the SEC and a collaborative approach to policymaking, Lummis is determined to shape a future where cryptocurrencies play a central role in the American economy. Her efforts signal a new era for blockchain and digital assets, where innovation and regulation coexist to drive progress.

#BitcoinIntegration #CryptoRegulations #BlockchainInnovation #USCryptoLeadership #CynthiaLummis

The three-day Bitcoin 2025 conference in Las Vegas has wrapped up — leaving behind a wave of inspiration, powerful speeches, and renewed vision for the crypto space. The event gathered tech visionaries, political figures, and hardcore Bitcoiners. If you missed it, here’s everything you need to know.

Over 400 Speakers Took the Stage – From Saylor to Trump
More than 400 leaders and speakers delivered their insights on Bitcoin’s growth, market developments, regulation, and adoption. Notable names included:
🔹 Michael Saylor (MicroStrategy)

🔹 JD Vance (Vice President of the U.S.)

🔹 Ross Ulbricht

🔹 Jack Mallers (Strike)

🔹 Eric & Donald Trump Jr.

🔹 Senator Cynthia Lummis

🔹 SEC Commissioner Hester Peirce

JD Vance: “Bitcoin Is a Symbol of Freedom”
U.S. Vice President JD Vance delivered a powerful address, calling Bitcoin a defense mechanism against government surveillance and poor fiscal policy.
He praised President Trump’s crypto initiatives and emphasized that America should lead the digital finance revolution. Vance added that stablecoins aren’t a threat but rather a multiplier of economic strength.

Michael Saylor: 21 Paths to Wealth
Michael Saylor shared his philosophy of wealth and called Bitcoin the foundation of prosperity, not just an investment. He unveiled plans from MicroStrategy to launch Bitcoin-backed stock offerings and distanced the firm from becoming a traditional bank.

Ross Ulbricht: Freedom, Decentralization, Unity
In his first public appearance since receiving a pardon from President Trump, Silk Road founder Ross Ulbricht delivered an emotional speech about his prison experience and the core values of Bitcoin.
“Gaining freedom is as powerful as losing it. I’m free — and it’s thanks to you. Thank you, thank you, thank you.”

Jack Mallers: Fiat Is the Problem, Bitcoin Is the Solution
Strike founder Jack Mallers criticized fiat currencies and introduced a new Bitcoin-backed lending system offering loans from $10,000 to $1 billion with 9–13% interest rates.
He emphasized that Bitcoin was invented to protect time, energy, assets, and sovereignty — values that fiat systems erode.

Trump Family: The U.S. Will Lead the Crypto Revolution
Eric and Donald Trump Jr. expressed strong support for crypto and confirmed the administration’s commitment to making the U.S. a leader in digital assets. They criticized the inefficiencies of traditional finance and highlighted the power of decentralization.
Eric Trump credited Michael Saylor for inspiring him to mortgage Mar-a-Lago to buy BTC.

Cynthia Lummis & Hester Peirce: Clear Rules, Fair Treatment
Senator Cynthia Lummis received widespread praise for championing the Genius Act and proposing the creation of a U.S. strategic Bitcoin reserve. Her message: “Bitcoin is a growing asset while Congress devalues the dollar.”
SEC Commissioner Hester Peirce also spoke about regulatory progress and stressed the need for clear and fair rules that treat crypto businesses equally — not exceptionally.

Conclusion:
Bitcoin 2025 made it clear: Bitcoin is no longer niche — it’s at the heart of a global conversation about freedom, innovation, and the future of money. With support from leaders in politics, tech, and finance, Bitcoin continues to evolve as a tool for growth, protection, and change.

#BTC , #bitcoin , #MichaelSaylor , #CynthiaLummis , #CryptoNewss

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“