U.S. Senator Cynthia Lummis is intensifying pressure on the Consumer Financial Protection Bureau to finalize its open banking rule, warning that major financial institutions are weaponizing their gatekeeping power to restrict American access to digital asset platforms. The rule, finalized in October 2024 but now under reconsideration, would enable consumers to securely share financial data with third-party applications through APIs—creating critical infrastructure for connecting traditional bank accounts to crypto exchanges. This regulatory battle pits pro-crypto lawmakers and fintech advocates against banking industry groups who immediately sued to block the rule, creating a legal standoff that could determine the future of financial innovation in the United States.
about Lummis Urges CFPB to Finalize Open Banking Rule for CryptoSenator Lummis
0 posts last weekLummis Proposes Tax Break for Small Bitcoin Payments
Senator Cynthia Lummis is quietly crafting legislation that could transform Bitcoin from a speculative investment into practical everyday currency. Her proposed de minimis tax exemption would eliminate capital gains reporting requirements for small Bitcoin transactions under $300, potentially unlocking the cryptocurrency’s original vision as peer-to-peer money while facing significant opposition from critics concerned about lost tax revenue.
about Lummis Proposes Tax Break for Small Bitcoin PaymentsSenator Lummis Pushes Crypto ATM Safeguards Amid Fraud Surge
U.S. Senator Cynthia Lummis is spearheading a bipartisan effort to impose stronger consumer protections on cryptocurrency ATMs as law enforcement data reveals an alarming surge in scam-related losses, particularly targeting senior citizens. The regulatory push comes alongside a Financial Crimes Enforcement Network warning showing victim losses through crypto kiosks jumped 31% in 2024 to $247 million, with adults over 60 accounting for more than two-thirds of losses despite being among the least likely demographic to use cryptocurrency services.
about Senator Lummis Pushes Crypto ATM Safeguards Amid Fraud SurgeSenator Lummis: US Crypto Policy Turning Point
Senator Cynthia Lummis has declared a turning point for US crypto policy, emphasizing recent legislative progress during ‘Crypto Week’ in Congress. She highlighted two key digital asset bills as significant milestones, signaling potential regulatory clarity and support for innovation. Lummis urged crypto developers to remain optimistic, as the US aims to close the gap with global leaders in blockchain and digital asset regulation. Her remarks reflect growing momentum for structured crypto policies in the US after years of uncertainty.
about Senator Lummis: US Crypto Policy Turning PointSenator Lummis Proposes Crypto Tax Exemptions Bill
Senator Lummis’s new crypto bill proposes tax exemptions on specific cryptocurrency transactions, aiming to reduce the tax burden on crypto users. Additionally, the bill seeks to clarify the tax treatment of crypto mining and staking, addressing long-standing ambiguities in the sector. This legislative effort is part of broader attempts to create a more defined regulatory framework for digital assets, fostering growth while ensuring compliance.
about Senator Lummis Proposes Crypto Tax Exemptions BillUS Crypto Tax Bill Aims to Boost DeFi Adoption
US Senator Cynthia Lummis introduced a draft bill to provide clearer tax guidelines for crypto transactions, exempting some from taxation and deferring taxes on mining and staking rewards until tokens are sold. The bill aims to prevent inadvertent tax violations and encourage participation in the digital economy. This follows the recent passage of the GENIUS Act, signaling growing regulatory clarity for crypto in the US. The move could attract more traditional finance players to decentralized financial solutions.
about US Crypto Tax Bill Aims to Boost DeFi AdoptionSenator Lummis Proposes Crypto Tax Reform Bill
Senator Cynthia Lummis has filed a bill to amend the Internal Revenue Code, introducing clear definitions for digital assets and providing tax exemptions for small crypto transactions (under $300 per transaction and $5,000 annually). The bill also defers taxable income from mining and staking until tokens are sold, expands securities-lending rules to crypto, and allows favorable tax treatment for charitable donations of appreciated tokens. Key provisions, including wash-sale loss disallowance for digital assets and mark-to-market accounting for traders, are set to expire after 2035. The bill aims to reduce regulatory complexity while ensuring compliance, with Treasury oversight to prevent abuse. Stakeholders are invited to submit comments as the legislation moves forward.
about Senator Lummis Proposes Crypto Tax Reform BillSenator Lummis Pushes Crypto Tax Reform in OBBB Amendment
Senator Cynthia Lummis announced plans to introduce a crypto tax amendment to the ‘One Big Beautiful Bill’ (OBBB), targeting double taxation on mining and staking rewards. Advocates argue that current rules impose undue burdens, taxing block rewards as ordinary income upon creation and again as capital gains upon sale. The proposal seeks to align crypto taxation with self-generated property like farm produce, taxing rewards only at disposition. Lobbying efforts from groups like the Bitcoin Policy Institute and Digital Chamber emphasize the need for clarity and fairness to encourage adoption and innovation. Supporters view this as a critical opportunity to streamline compliance and retain crypto activity in the U.S., though Senate negotiators have yet to confirm the amendment’s inclusion.
about Senator Lummis Pushes Crypto Tax Reform in OBBB AmendmentUS Government May Acquire One Million Bitcoin for Strategic Reserves
Michael Saylor, founder of MicroStrategy, suggested that the U.S. government may acquire one million Bitcoin for its strategic reserves, emphasizing a gradual approach to avoid market disruption. He highlighted Bitcoin as a “digital property” and the ideal asset for national reserves, while acknowledging the importance of other digital assets. Currently, the U.S. holds 200,000 BTC, and Saylor believes that clear government classification could enhance public confidence in cryptocurrencies.
about US Government May Acquire One Million Bitcoin for Strategic ReservesSenator Lummis to Host Discussion on US Bitcoin Reserve Initiative
Senator Cynthia Lummis is set to discuss a US Bitcoin reserve initiative with industry leaders, including Bitwise CEO Hunter Horsley, on March 11 in Washington, DC. The regulatory environment for digital assets is improving, with recent SEC actions signaling a more constructive approach. As Bitcoin experiences price fluctuations, Horsley emphasizes the importance of regulation in shaping the market’s future.
about Senator Lummis to Host Discussion on US Bitcoin Reserve Initiative