Republican Senator Cynthia Lummis has introduced a new tax bill designed to support the cryptocurrency industry. Her initiative seeks to reduce bureaucratic hurdles often faced by holders of crypto assets, such as bitcoin.
One of the bill’s key points is easing taxation for small token transactions. Lummis proposes exempting personal transactions under $300 from taxes, with an annual cap set at $5,000. Starting in 2026, this amount will be adjusted for inflation.
Additionally, the bill equates the tax treatment of income from cryptocurrency lending to that of traditional securities lending. According to Lummis, this measure will help better integrate cryptocurrencies into the broader financial system.
The legislation also aims to exempt mining income from taxation until the sale of these assets is executed. These details were shared by BH News.