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 The goal, according to Lummis and industry backers, is to remove outdated tax barriers that have discouraged everyday use and long-term holding of digital assets.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)
$4.233
$4.233$4.233
-0.04%
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

Trump MAGA statue has strange crypto backstory

Trump MAGA statue has strange crypto backstory

The post Trump MAGA statue has strange crypto backstory appeared on BitcoinEthereumNews.com. A 15-foot-tall statue of former President Donald Trump, cast in bronze
Share
BitcoinEthereumNews2026/02/04 08:22
Bitcoin 8% Gains Already Make September 2025 Its Second Best

Bitcoin 8% Gains Already Make September 2025 Its Second Best

The post Bitcoin 8% Gains Already Make September 2025 Its Second Best appeared on BitcoinEthereumNews.com. Key points: Bitcoin is bucking seasonality trends by adding 8%, making this September its best since 2012. September 2025 would need to see 20% upside to become Bitcoin’s strongest ever. BTC price volatility is at levels rarely seen before in an unusual bull cycle. Bitcoin (BTC) has gained more this September than any year since 2012, a new bull market record. Historical price data from CoinGlass and BiTBO confirms that at 8%, Bitcoin’s September 2025 upside is its second-best ever. Bitcoin avoiding “Rektember” with 8% gains September is traditionally Bitcoin’s weakest month, with average losses of around 8%. BTC/USD monthly returns (screenshot). Source: CoinGlass This year, the stakes are high for BTC price seasonality, as historical patterns demand the next bull market peak and other risk assets set repeated new all-time highs. While both gold and the S&P 500 are in price discovery, BTC/USD has coiled throughout September after setting new highs of its own the month prior. Even at “just” 8%, however, this September’s performance is currently enough to make it Bitcoin’s strongest in 13 years. The only time that the ninth month of the year was more profitable for Bitcoin bulls was in 2012, when BTC/USD gained about 19.8%. Last year, upside topped out at 7.3%. BTC/USD monthly returns. Source: BiTBO BTC price volatility vanishes The figures underscore a highly unusual bull market peak year for Bitcoin. Related: BTC ‘pricing in’ what’s coming: 5 things to know in Bitcoin this week Unlike previous bull markets, BTC price volatility has died off in 2025, against the expectations of longtime market participants based on prior performance. CoinGlass data shows volatility dropping to levels not seen in over a decade, with a particularly sharp drop from April onward. Bitcoin historical volatility (screenshot). Source: CoinGlass Onchain analytics firm Glassnode, meanwhile, highlights the…
Share
BitcoinEthereumNews2025/09/18 11:09
The real-life inspiration for the protagonist of "The Big Short": Bitcoin crash may trigger a $1 billion gold and silver sell-off.

The real-life inspiration for the protagonist of "The Big Short": Bitcoin crash may trigger a $1 billion gold and silver sell-off.

PANews reported on February 4th that, according to CoinDesk, Michael Burry, the real-life inspiration for the character in "The Big Short" (and an investor who
Share
PANews2026/02/04 08:22