Senator Lummis pushes for crypto-friendly amendments in Trump’s Big Beautiful Bill

2025/07/01 14:42

U.S. Senator Cynthia Lummis wants to add a crypto tax amendment to President Donald Trump’s Big Beautiful Bill to exclude small transactions from capital gains and resolve double taxation for miners and stakers.

On June 30, Lummis announced her push to insert language into the sweeping budget reconciliation bill that would overhaul how digital asset activity is taxed.

“It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower,” Lummis wrote on X.

Trump’s Big Beautiful Bill, a more than 1,000-page reconciliation package central to President Trump’s economic agenda, includes sweeping fiscal and regulatory measures and has become a high-stakes priority for Republican lawmakers ahead of a self-imposed Friday deadline.

The proposed amendment includes a de minimis exemption for crypto transactions under $300 and changes to how staking and mining rewards are taxed, aligning them with the point of sale rather than the time of receipt.

In documents shared with crypto media, Lummis’ office outlined key elements of the proposal, including a $300 threshold on individual transactions and a $5,000 annual cap on total tax-free activity.

It also aims to eliminate what industry advocates describe as “double taxation,” where digital asset holders are taxed both when they receive staking or mining rewards and again when they sell those assets.

Further, the amendment includes language addressing tax treatment for crypto lending, wash sales, and charitable contributions. The goal, according to Lummis and industry backers, is to remove outdated tax barriers that have discouraged everyday use and long-term holding of digital assets.

Crypto advocacy groups, including the Bitcoin Policy Institute and the Solana Policy Institute, along with prominent industry figures such as Michael Saylor, have publicly endorsed the amendment. (See below.)

Matthew Pines, executive director at the Bitcoin Policy Institute, urged constituents to contact Senate Finance Committee Republicans to support the measure. He noted that a de minimis exemption would “reduce [the] burden, promoting fair compliance and everyday adoption.”

Similarly, Kristin Smith, president of the Solana Policy Institute, said the amendment could “unlock domestic growth and create jobs” by clarifying staking tax policy.

For crypto advocates at The Digital Chamber, the proposal is a “long overdue fix” to what the group described as a misalignment between tax policy and economic reality.

“Today, staking and block rewards are taxed upon both acquisition and point of sale. Senator Lummis’ provision solves this by taxing rewards only when sold,” the group wrote in a call-to-action message

Still, it remains uncertain whether the crypto-focused amendment will be adopted. The Senate is set to vote on numerous proposed changes to the reconciliation bill throughout the week.

Trump has reportedly pressed lawmakers to pass the final version by July 5. Even if adopted in the Senate, the bill would still require approval in the House before reaching the president’s desk.

Last year, lawmakers Wiley Nickel and Drew Ferguson introduced a similar measure targeting the taxation framework for cryptocurrency staking rewards, but it failed to advance through the House Ways and Means Committee.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

EarnMining , a fast-growing name in digital finance, has officially launched a new BTC -based mobile earning app that redefines what it means to earn cryptocurrency passively. Turn Your Smartphone Into a Passive Income Powerhouse EarnMining’s novel mobile platform allows anyone, anywhere, to earn daily returns in BTC using only a smartphone. The app offers a seamless experience with user-friendly controls, a fully automated profit system, and no complicated setup required. Users can activate contracts and begin earning immediately, bypassing the traditional barriers of mining hardware or blockchain expertise. This solution is perfect for crypto newcomers, busy professionals, or anyone seeking hands-off income streams. Start Earning in Three Easy Steps Anyone can get started with EarnMining’s platform in just a few minutes: 1. Register at https://earnmining.com Sign up and receive a $15 bonus . Instantly begin earning up to $0.60 per day , with no deposit required 2. Choose a Mining Contract Select from several USD-pegged earning plans. Funds can be deposited in crypto and automatically converted to USD for price stability. 3. Activate and Earn Once active, the system begins earning immediately. Users receive daily income, with withdrawal available once the balance hits $100, or reinvest to grow further. Why Choose EarnMining Over Competitors? Unlike many platforms that require large investments or complicated onboarding, EarnMining stands out by offering: Zero Barrier to Entry – start earning immediately, no purchase necessary. Verified Security – top-tier protection with enterprise-grade partners. User-Centric Design – mobile-first platform made for real people, not just tech experts. Transparent Operations – clear pricing, easy withdrawals, and no hidden terms. Returns – providing daily income to millions of users around the world. Key Features That Set EarnMining Apart EarnMining has built more than just another crypto app. It delivers unmatched simplicity, reliability, and performance. Here are the standout features driving its rapid global adoption: Fully Automated Earning System Activate a plan and let the system handle everything – from asset conversion to real-time mining. Multi-Crypto Payouts Withdraw earnings in Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), Tether (USDT), USD Coin (USDC), and more. Eco-Conscious Infrastructure All operations run on renewable energy, ensuring sustainability and environmental responsibility. Advanced Security Protocols Integrated with McAfee® and Cloudflare®, the app offers strong protection against threats, fraud, and unauthorized access. Final Thoughts: Crypto Earning, Simplified As crypto continues to evolve, so must the ways people access its benefits. EarnMining has eliminated the complexity and risks once tied to mining and made earning digital assets as easy as downloading an app. From students saving for the future to global investors building diversified portfolios, the new BTC-powered EarnMining app provides a gateway to passive income – securely, sustainably, and smartly.
Share
CryptoNews2025/07/29 22:25