Senator Lummis Proposes Tax Exemption for Small Crypto Transactions

US Senator Cynthia Lummis has introduced legislation to eliminate taxes on cryptocurrency transactions under $300, aiming to reduce regulatory friction in the digital asset space. The bill addresses double taxation for miners and stakers while creating a tax-free threshold for minor transactions—projected to generate $600 million in net revenue over the next decade.

"We must adapt our tax code to foster innovation, not hinder it," Lummis stated, framing the proposal as a competitive necessity for America's digital economy. The legislation builds on her ongoing advocacy for clearer crypto regulations, including previous efforts to refine oversight of digital assets.

Public commentary is being solicited as the bill moves through the legislative process. Market observers note such measures could accelerate mainstream crypto adoption by simplifying compliance for everyday users.