{"id":55173,"date":"2025-07-01T04:51:26","date_gmt":"2025-07-01T04:51:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/lummis-pushes-for-major-crypto-tax-changes-in-trumps-big-beautiful-bill\/"},"modified":"2025-07-01T04:51:26","modified_gmt":"2025-07-01T04:51:26","slug":"lummis-pushes-for-major-crypto-tax-changes-in-trumps-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/lummis-pushes-for-major-crypto-tax-changes-in-trumps-big-beautiful-bill\/","title":{"rendered":"Lummis pushes for major crypto tax changes in Trump&#8217;s &#8216;Big Beautiful Bill&#8217;"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/07\/image-2025-07-01T092422.021-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/07\/image-2025-07-01T092422.021-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/07\/image-2025-07-01T092422.021-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/07\/image-2025-07-01T092422.021-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>Senator Cynthia Lummis is trying to add a major crypto tax measure to Trump\u2019s \u201cBig Beautiful Bill.\u201d<\/li>\n<li>The amendment seeks to end \u201cdouble taxation\u201d on staking\/mining rewards, taxing them only when sold.<\/li>\n<li>It proposes waiving taxes on small crypto transactions below $300 (with a $5,000 annual cap).<\/li>\n<\/ul>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">US Senator Cynthia Lummis is making a significant push to reshape how the United States taxes cryptocurrency, seeking to insert a key crypto tax measure into the massive budget bill that underpins much of President Donald Trump\u2019s legislative agenda. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The proposed amendment aims to reduce the tax burdens and complexities associated with fundamental crypto activities like staking, mining, and small-scale transactions.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Lummis officially sought on Monday to introduce her amendment into Congress\u2019s so-called \u201cBig Beautiful Bill.\u201d <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The language in her proposal would, among other things, waive taxes on small crypto transactions valued below $300 (with an overall annual transaction cap of $5,000). <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The crypto industry contends that this provision would eliminate a significant headache for casual users, removing the burden of calculating capital gains on minor digital asset activities and potentially encouraging broader adoption among those who have been hesitant to try crypto.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Perhaps most significantly, the amendment aims to rationalize what the industry views as an unfair tax approach to staking and mining. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Currently, miners and stakers are often taxed twice: once when they receive newly created assets or rewards, and a second time when they sell those assets. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">In a post on the social media platform X on June 30, 2025, Senator Lummis championed the need for this change: <\/span><\/p>\n<blockquote>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It\u2019s time to stop this unfair tax treatment and ensure America is the world\u2019s Bitcoin and Crypto Superpower. \ud83c\uddfa\ud83c\uddf8<\/span><\/p>\n<\/blockquote>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Echoing this sentiment, the Digital Chamber, a prominent US crypto lobbying group, argued on Monday that the proposed move would repair \u201ca long overdue mistake on how these rewards are treated for tax purposes.\u201d <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">\u201cToday, staking and block rewards are taxed upon both acquisition and point of sale,\u201d the group stated, as it urged its constituents to petition Congress for support. <\/span><\/p>\n<blockquote>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Senator Lummis\u2019 provision solves this by taxing rewards only when sold, aligning policy with actual income.<\/span><\/p>\n<\/blockquote>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Under Lummis\u2019s amendment, assets gained from staking, mining, airdrops, and network forks would all receive the same tax treatment, being taxed only upon their eventual sale, not at the moment of acquisition. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The amendment, which has not yet come up for a vote, also seeks to address tax issues related to crypto lending, wash sales, and charitable contributions. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">It might also close the \u201cwash-trading\u201d loophole that lawmakers have sought to address for years. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Under current rules, crypto investors can employ a \u201ctax-loss harvesting\u201d strategy by strategically selling investments at a loss and then immediately re-purchasing them, a practice already prohibited for stocks and other securities.<\/span><\/p>\n<h2 class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">A high-stakes legislative battle: the \u2018vote-a-rama\u2019<\/span><\/h2>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Senator Lummis attempted to introduce her amendment into the legislative mix during a \u201cvote-a-rama,\u201d an unlimited amendment process that began in the Senate on Monday morning. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The stakes for this wide-ranging budget bill are exceptionally high for congressional Republicans. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">However, party leaders are facing a tough battle to keep all of their members in the \u2018yes\u2019 column, given the narrow Republican majorities in both chambers. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">Democrats have united in opposition to the nearly 1,000-page legislation, taking issue with provisions such as potential cuts to Medicaid, the rollback of green energy initiatives, and other contentious aspects.<\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The US House of Representatives managed to narrowly pass its own version of the massive spending bill last month. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">If the Senate approves a version with changes, the bill would have to return to the House for another vote. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">An analysis of the measure concluded that its provisions could add more than $3 trillion to the US budget deficit, a figure that has caused significant concern among fiscal conservatives and market observers. <\/span><\/p>\n<p class=\"ng-star-inserted\"><span class=\"ng-star-inserted\">The fate of Lummis\u2019s crypto amendment, and the \u201cBig Beautiful Bill\u201d itself, remains uncertain as lawmakers continue to navigate these complex political and fiscal challenges.<\/span><\/p>\n<div class=\"ad-banner  container  pt-1\" data-partner=\"bitcoinpepe\">\n        <a href=\"https:\/\/bitcoinpepe.co\/en?utm_source=coinjournal&amp;utm_medium=banner&amp;utm_campaign=header\" target=\"_blank\" rel=\"nofollow sponsored noopener\"><br \/>\n            <img src=\"https:\/\/coinjournal.net\/wp-content\/themes\/c1-base\/dist\/img\/ad\/blockovate\/en-4.png\"\/><br \/>\n        <\/a>\n    <\/div>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/senator-lummis-proposes-crypto-tax-amendment-to-major-us-budget-bill\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Senator Cynthia Lummis is trying to add a major crypto tax measure to Trump\u2019s \u201cBig Beautiful Bill.\u201d The amendment seeks to end \u201cdouble taxation\u201d on staking\/mining rewards, taxing them only when sold. It proposes waiving taxes on small crypto transactions below [&hellip;]<\/p>\n","protected":false},"author":3947362378,"featured_media":55174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/55173"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=55173"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/55173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/55174"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=55173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=55173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=55173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}