On Thursday, U.S. Senator Cynthia Lummis submitted a draft bill proposing several provisions to significantly reform tax regulations and exempt certain digital asset transactions from taxes after the budget proposal did not include cryptocurrency amendments.
The bill suggests a small exemption for digital asset transactions and capital gains of $300 or less, setting a tax-free limit of $5,000 per year.
The Wyoming senator also proposed tax exemptions for crypto lending protocols and digital assets used for charitable donations. Additionally, the bill suggests deferring tax obligations on mining and staking rewards until the related assets are actually sold. Lummis stated:
Currently, this standalone bill represents the best opportunity for the Wyoming senator to fulfill commitments to the crypto community and promote pro-crypto legislation, following the Senate's passage of the spending bill, which did not cover digital asset-related content.
Digital asset taxation has become a focal issue in the crypto industry, with many executives, investors, traders, and users expressing dissatisfaction with the lack of clarity and efficiency in U.S. tax policy.
One major point of contention is how to tax decentralized finance (DeFi) protocols and non-custodial platforms—where developers cannot control funds or consensus rules.
In June, lawmakers from the U.S. House Financial Services Committee proposed an amendment to the 2025 Digital Asset Market Clarity Act, aiming to exclude decentralized protocol developers from the classification of money transmission services.
This move would also exempt these DeFi protocols from the same tax reporting obligations that centralized exchanges and other crypto businesses with traditional corporate structures must fulfill.
U.S. lawmakers are intensifying efforts to include crypto provisions in the final version of the spending bill before it is sent to President Trump for signing.
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Original: “U.S. Senator Cynthia Lummis Drafts Standalone Crypto Tax Bill”
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