BREAKING: Senator Lummis Drops Game-Changer—No More Crypto Taxes Under $300

Washington finally gets one right—Senator Cynthia Lummis just fired a shot across the IRS’s bow with her new crypto tax carve-out.

The De Minimis Doctrine Strikes Back

Forget tracking every coffee bought with Bitcoin. The proposed bill axes reporting requirements for crypto transactions under $300—a move that’ll save traders from drowning in 1099 paperwork.

Why This Matters

Small-scale adopters can now actually use crypto as currency without triggering a tax audit. Meanwhile, Wall Street still charges $50 wire fees like it’s 1987.

The Fine Print

The threshold applies per transaction, not annually. So yes, you can finally buy that $299 NFT without your accountant sending you hate mail.

The Bottom Line

D.C. might not understand blockchain, but they’re learning—slowly—that you can’t regulate what you can’t even define. Now watch the SEC try to ‘protect investors’ by banning sub-$300 trades altogether.

“In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,”“This groundbreaking legislation is fully paid-for, cuts through the bureaucratic red tape, and establishes common-sense rules that reflect how digital technologies function in the real world. We cannot allow our archaic tax policies to stifle American innovation, and my legislation ensures Americans can participate in the digital economy without inadvertent tax violations.”

Senator Lummis also added, “I welcome public comments on this legislation as we seek to get this package to the President’s desk.”

More About the Crypto Tax Bill

Earlier this year, Senator Lummis wason Digital Assets. She has pushed forward several crypto-based legislations to make the sector less strictly regulated. Most notably, she is one of the biggest supporters of establishing a US Bitcoin reserve through the treasury.

Her latest standalone bill includes the following:

The proposed legislation suggests several reforms to address digital asset tax issues, including:

– Exemption for small transactions: Establishing a $300 minimum threshold rule.

– Elimination of double taxation for miners and stakers.

– Tax parity between digital assets and traditional financial assets, covering aspects such as lending, wash sales, and mark-to-market taxation.

– Exemption from valuation reports for charitable donations.

The Wyoming Senator is pushing to get the crypto tax bill approved by the Senate and pushed to the House, and eventually to TRUMP in the near future. Previously, crypto legislations such as this would crash and burn upon voting. However, the new administration has been far more crypto-friendly in 2025. Therefore, there is a high chance that the bill could see support and approval from the Senate and House if it gets enough support.