Senator Lummis Proposes Crypto Tax Reform for U.S.
U.S.Senator Cynthia Lummis has introduced a new crypto tax bill. The proposal aims to create a clear digital asset tax framework in the U.S. Lummis, who chairs the Senate Banking Committee’s digital assets subcommittee, unveiled the bill on July 3, 2025. It was initially an amendment to the One Big Beautiful Bill Act but didn’t make it.
The Senate passed OBBB, a major tax and policy bill by President Donald Trump. it’s now in the House for final approval. Lummis then introduced her proposal as a standalone bill. It seeks to update the Internal Revenue Code of 1986 for digital assets.
Key points of the bill include:
- A $300 threshold for crypto transactions.
- Elimination of double taxation for crypto miners and stakers.
- Tax parity, treating crypto like other financial assets.
The bill also expands securities lending rules to include digital assets. It clarifies that digital asset lending isn’t usually a taxable event.
Lummis believes the U.S. must adapt its tax code to the digital economy. “We need common-sense rules that reflect how digital technologies work,” she said. The bill aims to prevent accidental tax violations and promote innovation. Lummis welcomes public feedback on the proposal.
Her bill joins other digital asset regulation bills in Congress, such as the CLARITY and GENIUS Acts. After Trump’s election, Lummis introduced the Bitcoin Act. This bill aims to create a BTC strategic reserve for the U.S.
