Senator Cynthia Lummis has introduced a standalone bill to ease tax concerns related to digital asset activities. This legislation sets a 'de minimis' threshold of $300 for crypto transactions, below which users are not required to track potential capital gains. It aims to tackle double taxation on rewards from staking and mining, and to clarify the tax implications for lending, charitable giving, and dealer accounting. By allowing individuals to engage in small-scale transactions without the burden of capital gains calculations—limited to $5,000 per year—the bill seeks to stimulate participation in the digital economy. Lummis emphasized the need to modernize tax policies to promote innovation. However, the bill faces challenges in the busy Senate schedule, especially with the prioritization of other crypto-related regulations. Lummis has been a key figure in crypto legislation, advocating not only for this proposal but also for broader regulatory frameworks and a federal bitcoin reserve.

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