BlockBeats News, on July 1, according to CoinDesk, U.S. Senator Cynthia Lummis is attempting to quietly incorporate a significant cryptocurrency tax provision into President Donald Trump's massive budget bill, aimed at reducing the tax burden arising from basic cryptocurrency activities.
On Monday, Lummis proposed including relevant provisions in Congress's "Big Beautiful Bill," which includes a tax exemption for small cryptocurrency transactions (under $300), and is seen in the industry as a way to streamline the current practice of taxing core cryptocurrency activities—staking and digital asset mining—at both the start and end of the activity.
The proposal also suggests setting an annual cap for small transactions at $5,000, significantly reducing the burden of calculating capital gains tax for those who only engage in a small number of digital asset transactions. Industry insiders believe this would alleviate many potential users' concerns about trying cryptocurrencies.
The amendment promoted by Lummis has not yet been voted on and also involves tax issues related to cryptocurrency lending, wash trading, and charitable donations.