cryptolegislation

📌 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 According to her, it's time to fix this outdated system and ensure the U.S. stays ahead in the global crypto race.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

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Senator Lummis updates on Bitcoin Act progress at Bitcoin 2025. 
President Trump supports the bill for a strategic Bitcoin reserve.Senate Banking Committee passes bill; floor vote pending. U.S. aims to acquire 1 million Bitcoins, like gold reserves.Move critical for U.S. leadership in financial innovation.
#SenatorLummis #BitcoinAct #StrategicReserve #Bitcoin2025 #CryptoLegislation
At the Bitcoin 2025 conference on May 27, 2025, Senator Cynthia Lummis provided an update on the Bitcoin Act. She highlighted its progress toward establishing a strategic Bitcoin reserve for the U.S.
Lummis stated that President Trump supports the Bitcoin Act. A team in the White House is working on digital asset issues, including stablecoins, market structure, and the Bitcoin strategic reserve. She emphasized the bill’s importance for America’s financial future.
The Senate Banking Committee has passed the bill. It is close to being ready for a floor vote upon returning from a break. Lummis noted the extensive work with the Minority Party to satisfy their concerns.
She underscored the strategic necessity of the U.S. leading in this area. Other countries are moving toward establishing their own Bitcoin reserves. The Bitcoin Act aims to acquire approximately 1 million Bitcoins, mirroring the size and scope of U.S. gold reserves.
This move is intended to bolster America’s balance sheet and ensure its position as a global leader in financial innovation. Lummis described it as a pivotal moment for the U.S. economy.