Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

BitMine Stock Soars 700% After $250 Million Raise For Ethereum Treasury

July 1, 2025

XRP price nears breakout as top Ripple ETF hits $158m milestone

July 1, 2025

UK-based Smarter Web Company acquires additional 230.05 bitcoins for $25 million

July 1, 2025

Bitcoin faces rejection — Bearish Divergence signals breakdown potential

July 1, 2025

Shiba Inu-Themed Meme Coin Tanks After OKX Says Goodbye: Details

July 1, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    BitMine Stock Soars 700% After $250 Million Raise For Ethereum Treasury

    July 1, 2025

    Shiba Inu-Themed Meme Coin Tanks After OKX Says Goodbye: Details

    July 1, 2025

    XRP Breaks Out Across The Board—But One Thing’s Missing

    July 1, 2025

    VeChain Kicksoff $15M StarGate Staking Program After SEC’s Staking Clarity

    July 1, 2025

    Strategy Continues Accumulation With $530M Purchase

    July 1, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Altcoins » Senator Lummis pushes for crypto-friendly amendments in Trump’s Big Beautiful Bill
Altcoins

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

Crypto Observer StaffBy Crypto Observer StaffJuly 1, 2025No Comments3 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

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.)

We must end unfair taxes on BTC miners if America is going to be the world's Bitcoin Superpower. https://t.co/3DeRFx558v

— Michael Saylor (@saylor) June 30, 2025

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.



Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin faces rejection — Bearish Divergence signals breakdown potential

July 1, 2025

Top 3 Crypto Airdrops For the First Week of July

July 1, 2025

Bitcoin set for ranged trading as Q3 begins: Bitfinex

July 1, 2025

SHIB Ecosystem Expands With New Anti-Rug Pull Partnership as Shiba Inu Aims for Long-Term Trust

July 1, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

BitMine Stock Soars 700% After $250 Million Raise For Ethereum Treasury

July 1, 2025

XRP price nears breakout as top Ripple ETF hits $158m milestone

July 1, 2025

UK-based Smarter Web Company acquires additional 230.05 bitcoins for $25 million

July 1, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

Shiba Inu-Themed Meme Coin Tanks After OKX Says Goodbye: Details

July 1, 2025

XRP Breaks Out Across The Board—But One Thing’s Missing

July 1, 2025

VeChain Kicksoff $15M StarGate Staking Program After SEC’s Staking Clarity

July 1, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.