Senator Lummis Reintroduces Cryptocurrency Tax Amendment Bill, Including Tax Exemptions for Transactions Under $300

On July 3, Senator Cynthia Lummis (Republican, Wyoming) announced the reintroduction of a comprehensive cryptocurrency tax reform bill. The bill includes tax exemptions for transactions under $300 and aims to eliminate double taxation on rewards from mining and staking. This bill is largely similar to amendments not included in the 'big and beautiful bill'—a major tax cut legislation passed this week under the Trump administration. Senator Lummis emphasized the necessity of the bill, stating, 'Outdated tax policies must not hinder U.S. innovation.' Key provisions of the bill include an annual exemption limit of $5,000 for cryptocurrency transactions under $300...