U.S. Senator Lummis announces digital asset tax legislation, proposing tax exemptions for small transactions and other measures
PANews reported on July 3 that U.S. Senator Cynthia Lummis announced her comprehensive digital asset tax legislation, striving to submit it to the president and welcome public comments on the bill. The bill focuses on several key issues: for small transactions, a minimum rule of $300 (annual total cap of $5,000) is set, adjusted for inflation from 2026, taking into account both taxation and transaction convenience; in terms of digital asset lending, securities lending rules are expanded to prevent temporary lending from immediately generating tax consequences, helping the healthy development of the market; revised clauses fill loopholes in false trading losses and ensure fair taxation of digital assets and traditional securities; allowing dealers to price at market prices to eliminate asset type discrimination; mining and staking income recognition is postponed until asset disposal to ease taxpayers' financial pressure; in the field of charitable donations, active trading digital assets are exempted from assessment to reduce the difficulty of donations. According to the Congressional Joint Committee on Taxation, the bill will generate approximately $600 million in net fiscal revenue between 2025 and 2034.
You May Also Like
Ethereum unveils roadmap focusing on scaling, interoperability, and security at Japan Dev Conference
Where technology meets trust: Blockchain humanizes insurance
