Lummis Pushes $300 Crypto Tax Reform Ahead of 2025 Vote

- Aims to modernize U.S. tax policies for digital assets - Key provisions to end double taxation and generate $600 million in revenue On July 3, 2025, Punchbowl News reported that Senator Cynthia Lummis introduced a sweeping crypto tax reform bill. The legislation aims to modernize U.S. policies, drive innovation in digital assets, and reduce compliance burdens for crypto users, thereby promoting growth within the digital economy. The proposed legislation addresses several pressing issues, including the double taxation of miners and stakers. Currently, these entities are taxed when they receive new tokens as rewards and again when they sell them; however, the new bill would only apply taxes at the point of sale. In addition, a key provision introduces a “de minimis” exemption for transactions of $300 or less, which would simplify the use of digital currencies for everyday purchases. By eliminating the need to report minor transactions, this measure aims to facilitate the broader adoption of crypto for routine payments. Senator Lummis’s office emphasized the bill's financial viability, projecting it will generate $600 million in revenue over the next decade. The bill is currently a discussion draft that invites public feedback for refinement and follows a previous unsuccessful attempt to include similar measures in a reconciliation bill. According to available market data, Bitcoin (BTC) was trading at $109,080.37 as of July 3 at 16:09 UTC, while its 24-hour trading volume decreased by 0.263%.