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Senator Lummis Unveils Crypto Tax Reform Bill for U.S. Users
Senator Lummis Unveils Crypto Tax Reform Bill for U.S. Users
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BTCCSquare news:
Senator Cynthia Lummis has introduced legislation aimed at simplifying cryptocurrency taxation in the United States. The bill includes a $300 de minimis exemption for daily crypto transactions, with an annual cap of $5,000, adjusted for inflation starting in 2026. This move could spur retail adoption by easing tax burdens on small purchases like coffee or groceries.
The proposed reforms also address mining and staking, specifying that taxes would only apply upon the sale of tokens. Changes to crypto lending, donations, and wash sales are included in the bill, which seeks to provide clarity and flexibility for digital asset users while supporting innovation in the sector.
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