Sen. Cynthia Lummis renews push for crypto tax reform with new bill in hopes of getting it to President Trump’s desk

The Block

2025-07-03 23:35:25

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Senator Cynthia Lummis renewed her push to modernize the tax treatment of digital assets on Thursday, introducing new legislation aimed at ending what she describes as outdated policies that hinder innovation.

The Wyoming Republican's latest crypto tax bill is almost identical to provisions she tried to get into a larger "big, beautiful bill" earlier in the week.

"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," Lummis said in a statement. “I welcome public comments on this legislation as we seek to get this package to the President’s desk.”

Key provisions in the bill would end the double taxing of miners and stakers and set forth a $300 transaction threshold to be exempt from taxes, among other changes.

"This provision recognizes the impracticality of tracking every small digital asset transaction, such as buying coffee with Bitcoin, which creates enormous compliance burdens for ordinary users," according to a statement. "The $300 threshold strikes a reasonable balance between tax compliance and practical usability of digital assets as a medium of exchange."

Lummis previously sought to get those provisions, which had support from numerous crypto advocates, into Trump's larger reconciliation bill called the One Big Beautiful Bill Act, which is still under congressional consideration. During a long voting process on a variety of amendments to the bill, Lummis' amendment was not included and did not receive a vote.

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