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…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…

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

3 min read

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 The goal, according to Lummis and industry backers, is to remove outdated tax barriers that have discouraged everyday use and long-term holding of digital assets.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.

Market Opportunity
OFFICIAL TRUMP Logo
OFFICIAL TRUMP Price(TRUMP)
$4.264
$4.264$4.264
+0.68%
USD
OFFICIAL TRUMP (TRUMP) Live Price Chart
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

Galaxy Digital’s 2025 Loss: SOL Bear Market

Galaxy Digital’s 2025 Loss: SOL Bear Market

The post Galaxy Digital’s 2025 Loss: SOL Bear Market appeared on BitcoinEthereumNews.com. Galaxy Digital, a digital assets and artificial intelligence infrastructure
Share
BitcoinEthereumNews2026/02/04 09:49
Why This New Trending Meme Coin Is Being Dubbed The New PEPE After Record Presale

Why This New Trending Meme Coin Is Being Dubbed The New PEPE After Record Presale

The post Why This New Trending Meme Coin Is Being Dubbed The New PEPE After Record Presale appeared on BitcoinEthereumNews.com. Crypto News 17 September 2025 | 20:13 The meme coin market is heating up once again as traders look for the next breakout token. While Shiba Inu (SHIB) continues to build its ecosystem and PEPE holds onto its viral roots, a new contender, Layer Brett (LBRETT), is gaining attention after raising more than $3.7 million in its presale. With a live staking system, fast-growing community, and real tech backing, some analysts are already calling it “the next PEPE.” Here’s the latest on the Shiba Inu price forecast, what’s going on with PEPE, and why Layer Brett is drawing in new investors fast. Shiba Inu price forecast: Ecosystem builds, but retail looks elsewhere Shiba Inu (SHIB) continues to develop its broader ecosystem with Shibarium, the project’s Layer 2 network built to improve speed and lower gas fees. While the community remains strong, the price hasn’t followed suit lately. SHIB is currently trading around $0.00001298, and while that’s a decent jump from its earlier lows, it still falls short of triggering any major excitement across the market. The project includes additional tokens like BONE and LEASH, and also has ongoing initiatives in DeFi and NFTs. However, even with all this development, many investors feel the hype that once surrounded SHIB has shifted elsewhere, particularly toward newer, more dynamic meme coins offering better entry points and incentives. PEPE: Can it rebound or is the momentum gone? PEPE saw a parabolic rise during the last meme coin surge, catching fire on social media and delivering massive short-term gains for early adopters. However, like most meme tokens driven largely by hype, it has since cooled off. PEPE is currently trading around $0.00001076, down significantly from its peak. While the token still enjoys a loyal community, analysts believe its best days may be behind it unless…
Share
BitcoinEthereumNews2025/09/18 02:50
HKMA Launches Fintech Blueprint with AI, DLT, Quantum and Cybersecurity Focus

HKMA Launches Fintech Blueprint with AI, DLT, Quantum and Cybersecurity Focus

The Hong Kong Monetary Authority (HKMA) published a Fintech Promotion Blueprint to support responsible innovation and fintech development in the banking sector.
Share
Fintechnews2026/02/04 10:20