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Senate Advances Crypto Tax Reform with Lummis-Led Provisions
Senate Advances Crypto Tax Reform with Lummis-Led Provisions
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BTCCSquare news:
Senator Cynthia Lummis confirms bipartisan progress on digital asset tax legislation, with key provisions mirroring her long-standing proposals. The Senate Finance Committee's draft includes a $300 de minimis exemption for crypto gains and excludes lending from taxable events—a structural shift acknowledging cryptocurrency's unique transactional nature.
Collaboration with Senator Ron Wyden underscores the political viability of the reforms, which aim to modernize tax policy for an asset class that has outpaced regulatory frameworks. The committee remains committed to advancing hearings despite potential government disruptions, signaling prioritization of crypto market clarity.
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