Sen. Cynthia Lummis introduced a bill proposing tax perks for digital asset users, including a $300 exemption on capital gains for transactions under this amount. The legislation, referred to as the Lummis Crypto Tax Bill, seeks to simplify tax reporting for crypto use, allowing users to make everyday purchases with minimal tax implications. Additionally, crypto miners and stakers would only pay taxes when they sell their rewards. The bill also aims to clarify tax regulations surrounding digital asset lending and donations to charities, making the process easier. Although these provisions were absent from a recent reconciliation bill, they may soon return to the Senate for consideration, reflecting a push to modernize tax codes in line with the growing digital economy.

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