TechFlow, July 1 — According to CoinDesk, U.S. Senator Cynthia Lummis is attempting to quietly include a significant cryptocurrency tax provision into the large budget bill tied to President Donald Trump's agenda, aiming to reduce tax burdens arising from basic crypto activities.
On Monday, Lummis proposed adding provisions to Congress's "Big Beautiful Bill," including an exemption from taxation for small-value crypto transactions under $300. The move is seen within the industry as a way to eliminate the current double taxation on core crypto activities—staking and digital asset mining—at both the start and end of these processes.
The proposal also suggests setting an annual cap of $5,000 on the total value of small transactions, significantly reducing the burden of calculating capital gains taxes for individuals conducting minimal digital asset trades. Industry observers believe this would remove barriers that deter many potential users from trying cryptocurrency.
Lummis's proposed amendment has not yet been voted on and also addresses tax issues related to crypto lending, wash sales, and charitable donations.
