Sen. Lummis Introduces Standalone Crypto Tax Reform Bill

US Senator Cynthia Lummis unveiled a new bill Thursday aimed at reforming crypto taxation after related amendments were excluded from the recent budget package.

The proposed legislation includes a de minimis exemption for crypto transactions under $300 (capped at $5,000 annually), tax-free crypto lending agreements, and exemptions for digital asset donations. It also delays taxes on mining and staking rewards until the assets are sold.

Lummis called the bill “groundbreaking,” emphasizing its role in removing bureaucratic hurdles and aligning tax policy with real-world crypto use. “We cannot let outdated tax laws hinder innovation,” she stated.

With the spending bill passing without crypto provisions, this standalone proposal represents Lummis’ latest push for pro-digital asset legislation.