Senator Cynthia Lummis wants to make crypto taxes simpler and fair. She’s introduced a bill that aims to “put an end to the unfair tax practices and level the playing field,” according to her recent post on X (X (formerly Twitter), Watcher Guru).
Lummis’ bill would let people trade small amounts of crypto—up to $300—without paying taxes. This helps everyday users, buying maybe coffee or snacks, without worrying about small gains (Senator Cynthia Lummis).
Another part focuses on miners and stakers. Currently, they get taxed twice: once when they earn crypto, again when they sell it. The bill would remove that second tax, making it fairer .
It also treats crypto more like normal investments. Loaning crypto wouldn’t count as a taxable event. Giving crypto to charity wouldn’t need expensive appraisals. And gains or losses under a certain limit wouldn’t need reporting every time (Senator Cynthia Lummis).
Congress’s own committee says the bill could raise about $600 million by 2034. That’s because it stops loopholes and makes things clearer (Senator Cynthia Lummis).
Conclusion:
Senator Lummis’ bill is a big step toward fair crypto taxes. It could make small trades easier and stop miners from paying twice. If passed, this might boost trust and growth in the crypto world. We’ll watch to see where Congress takes it next.
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