Bitcoin Journal
Senator Lummis Introduces Digital Asset Tax Laws
At present, U.S. Senator Cynthia Lummis (R-WY) has launched a complete digital asset tax laws that might considerably increase using Bitcoin and different cryptocurrencies by reducing the bureaucratic pink tape, modernising outdated tax guidelines, and supporting Bitcoin and crypto innovation.
JUST IN:
Senator Lummis launched laws to ease taxation on #Bitcoin and crypto. pic.twitter.com/zC21PCSha1
— Bitcoin Journal (@BitcoinMagazine) July 3, 2025
“So as to keep our aggressive edge, we should change our tax code to embrace our digital economic system, not burden digital asset customers,” stated Lummis. “This groundbreaking laws is absolutely paid-for, cuts by way of the bureaucratic pink tape and establishes common sense guidelines that mirror how digital applied sciences operate in the true world. We can not enable our archaic tax insurance policies to stifle American innovation, and my laws ensures People can take part within the digital economic system with out inadvertent tax violations.”
The proposal introduces a de minimis exemption that will exclude small digital asset features or losses from taxation, with a restrict of $300 per transaction and $5,000 yearly, and an inflation adjustment starting in 2026.
The invoice ensures Bitcoin and different crypto lending just isn’t taxed as a sale, aligning it with conventional securities lending and enhancing capital effectivity. It additionally applies the 30-day wash sale rule to digital belongings, closing a loophole and selling tax equity throughout asset courses.
The invoice permits digital asset sellers and merchants to elect mark-to-market tax remedy, aligning Bitcoin and different crypto with current guidelines for securities and commodities. This enables a extra correct earnings recognition based mostly on honest market worth, eliminating arbitrary discrimination based mostly on asset kind.
It additionally defers taxation on mining and staking till the belongings are bought, lowering the burden of being taxed on unrealized earnings. As well as, the invoice removes appraisal necessities for charitable donations of actively traded digital belongings, making it simpler to contribute to Bitcoin and crypto nonprofits and treating it like publicly traded inventory.
“The laws is estimated by the Congressional Joint Committee on Taxation to generate roughly $600 million in web income through the 2025-2034 funds window,” acknowledged the press launch.
Senator Lummis emphasised the significance of public enter in shaping a good and ahead trying method to Bitcoin and the broader digital asset economic system. “I welcome public feedback on this laws as we search to get this bundle to the President’s desk,” she stated.
This publish Senator Lummis Introduces Digital Asset Tax Laws first appeared on Bitcoin Journal and is written by Oscar Zarraga Perez.
