Senator Cynthia Lummis Introduces Standalone Crypto Tax Bill After OBBB Amendment Failure

U.S. Senator Cynthia Lummis has unveiled groundbreaking cryptocurrency tax legislation as a standalone bill after her proposed amendment failed to make it into the One Big Beautiful Bill Act. The proposal, introduced on July 3, 2025, seeks to overhaul how digital assets are treated under the Internal Revenue Code of 1986.

Key provisions include a $300 de minimis threshold for crypto transactions, elimination of double taxation for miners and stakers, and tax parity with traditional financial assets. The bill also aims to expand securities lending rules to include digital assets, clarifying that such lending typically wouldn't constitute a taxable event.

"We must adapt our tax code to foster rather than hinder the digital economy," Lummis stated, emphasizing the legislation's potential to maintain U.S. competitiveness. The proposal comes as the Senate-approved OBBB bill, President Trump's signature tax package, awaits final House approval.