Senator Lummis strives to lift US taxes on small-scale crypto activities as part of the budgetary law

US Senator Cynthia Lummis tries to insert a significant tax regulation for cryptocurrencies in the extensive budget law, which supports a large part of President Donald Trump's agenda. The aim is to reduce the tax consequences of basic activities in the field of cryptocurrencies.

Lummis tried to bring a wording in the congress on Monday.Big, magnificent billAmong other things, taxes on small crypto transactions under $ 300 would be issued and-from the point of view of the industry-rationalizing a tax approach, in which taxes are currently being collected both at the beginning and at the end of the activities in the core area of ​​the sector, namely staking and digital asset mining.

The idea of ​​putting small transactions tax -free (With an upper limit of $ 5,000 total transactions per year)would remove a large part of the burden in determining capital profits for people who only deal with digital assets to a small extent. The industry is of the opinion that this could eliminate many difficulties for those who have so far hesitated to invest in cryptocurrencies.

The amendment proposed by Lummis, which has not yet reached the vote, also deals with tax issues in connection with crypto loans, wash sales and charity donations.

As the digital chamber explained on Monday, the measure would “correct a long overdue error in the tax treatment of these rewards”. “Today, staking and block rewards are taxed both when it comes to acquisition and sale,” argued the American crypto lobby group and called on its members to contact the congress with petitions. “Senator Lummi's proposal solves this problem by taxing rewards only at the time of sales and thus reconciling politics with the actual income.”

So -called validators in a blockchain receive rewards for the staking of their assets, which gives them a return for the other locking of their cryptocurrency. These are taxed when they …Receive the rewardsAnd on the profits if you sell these assets. Industry critics of this procedure are pushing to a switch to a system that the assets only taxed the assets during their final sale.

Crypto mining works inin a similar waywhereby assets are created in the digital mining process and then sold. Assets that come from Airdrops and Forks would also fall under the same treatment in accordance with Lummi's amendment and will only be taxed when the sale is finalized.

The change could also appeal to the loophole problem in the area of ​​the wash trading to try to close legislators for years. According to the current regulations, crypto investors can pursue a “tax-haz-harvesting” strategy by targeting targeted losses and buying the corresponding investments back immediately.

The protracted Senate process is currently undergoing an unlimited change process, known as “Vote-A-Rama”, which began on Monday morning. Lummis tried to bring this amendment to the debate. For the congress republicans, the operations in the far -reaching law are high, but the party leadership has difficulty gaining all members for approval, since the Democrats are closed and concerns with regard to possible cuts in Medicaid, Greens Energy Initiatives and other aspects of almost 1,000 pages.

The House of Representatives of the United Stateshardly passed his own versionthe expenditure calculation in the past month, and this would have to be done again if the Senate approves you with changes. An analysis of the measure comes to the conclusion that their provisions could addmore than $ 3 trillionTo the US budget deficit.

UPDATE (July 1, 2025, 00:35 UTC):Adds tweet.