Senator Lummis insists with Crypto fiscal reform after its exclusion in Trump package

By Hannah Pérez

Cynthia Lummis, enthusiast of cryptocurrencies, reintroduced the tax provisions of cryptocurrency that were excluded from the legislative package ‘One Big Beautiful Bill’ in a new bill.

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Lummis, cryptocurrency enthusiast, reintroduces its tax reform proposal to cryptocurrencies.
The provisions were excluded this week from the Legislative Package ‘One Big Beautiful Bill’ of Trump.
Now, the senator returns to the Congress in the form of a separate bill.
It seeks to exempt taxes for small Bitcoin transactions in order to promote innovation.

The American senator Cynthia Lummis has resumed efforts to modernize the fiscal treatment of cryptocurrencies, after her proposal was excluded from the Donald Trump’s budget package.

Lummis, who directs the cryptocurrency subcommittee within the United States Senate Banking Committee, presented a new bill on Thursday on the taxes to cryptocurrencies that seeks to address problems such as double taxation, the complexity of tax compliance and the lack of regulatory clarity.

Known as the “Bitcoin senator” for her support for that digital asset, she has actively working on several tax reform proposals for the cryptocurrency sector.

He had previously tried that a series of tax provisions on cryptocurrencies were included in the legislative project ‘One Big Beautiful Bill’ of budget reconciliation promoted by President Donald Trump. However, despite their efforts, those provisions were excluded from the version of ‘One Big Beautiful Bill’ approved by the Senate this week.

Among the measures, a provision proposed to exempt capital gains for small -scale cryptocurrency transactions.

Lummis reintroduces fiscal provisions in the form of a law

Lummis’s new law proposal is almost identical to such provisions, establishing a USD $ 300 threshold for cryptocurrency transactions that would be tax exemptamong other changes, as reported The Block.

“This provision recognizes the impracticability of tracking each small transaction of digital assets, such as the purchase of coffee with Bitcoin, which creates huge compliance loads for common users“, Says a statement.”The 300 dollars threshold achieves a reasonable balance between tax compliance and practical usability of digital assets as a means of exchange“

Another key reform of the bill would end the double imposition of the miners with the broadest objective of the law being to promote innovation and position the US. As a global leader in the digital economy, according to reports.

“We cannot allow our archaic fiscal policies to sofoque American innovation, and my legislation guarantees that Americans can participate in the digital economy without involuntary tax violations“Lummis said in a statement.

I appreciate public comments on this legislation while we seek to take this package to the president’s desktop.

‘One Big Beautiful Bill’ went to debate in the House of Representatives after its progress in the Senate. This Thursday, most Republicans voted in favor of overcoming an obstacle of procedure that establishes the parameters for the debate, before a final vote of the bill that will allow Trump to carry out the multiple priorities of their political agenda.

Hannah Estefanía Pérez / Diariobitcoin

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