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Senator Cynthia Lummis has introduced a bill to redefine crypto taxation, aiming to simplify reporting and shield small transactions. The proposal includes exemptions for micro-payments and defers taxes on mining rewards. If passed, it could significantly impact how digital assets are taxed in the U.S.
- Exempts crypto transactions under $300 from taxable gains/losses, with an annual cap of $5,000.
- Defers taxable income from mining and staking until tokens are sold, sourcing income to the taxpayer’s residence.
- Allows charitable foundations to accept appreciated crypto with the same tax benefits as publicly traded stock.
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