In the United States, Republican Senator Cynthia Lummis from Wyoming has proposed a new tax bill containing significant changes for cryptocurrency assets. This legislation aims to enhance the usage of cryptocurrencies, particularly Bitcoin 
$82,774, and to support innovation in this field. The proposal seeks to adapt existing tax legislation to the realities of the crypto economy, including measures that might reduce some bureaucratic barriers faced by cryptocurrency users.
De Minimis Exemption for Cryptocurrencies
According to the bill, small profits and losses from cryptocurrency transactions will be exempt from taxes. The legislation introduces an exemption limited to $300 per transaction and a total of $5,000 annually. From 2026, an inflation-indexed increase is also anticipated for this exemption. This regulation could significantly reduce the bureaucratic burden for the daily use of cryptocurrencies.
Another important provision stipulates that income obtained from lending cryptocurrencies will not be taxed as a sale, similar to securities lending. This could enhance capital efficiency and ensure compatibility with the current financial system.
The new bill proposes that the 30-day wash sale rule also applies to cryptocurrencies. Sellers and traders of cryptocurrencies can optionally benefit from a mark-to-market tax system, determining annual income based on fair market value.
Income from mining or staking Bitcoin and other cryptocurrencies will not be taxed until an asset sale occurs. Currently, tax liabilities can arise even before the actual income is realized. This regulation aims to alleviate the tax burden on individuals engaged in cryptocurrency mining or staking.
Adjustments for Crypto Donations
The bill abolishes the valuation requirement during the donation of actively traded cryptocurrencies to charities. This convenience makes it possible for donations made through cryptocurrencies to be taxed similarly to donations of publicly traded stocks. Consequently, this could facilitate donations and increase contributions to crypto-based charities.
Senator Cynthia Lummis emphasized the necessity of adapting to the development of the cryptocurrency ecosystem in her statement regarding the bill.
“We must not stifle American innovation, and this bill makes participation in the crypto economy easier.
We want to gather public opinion before finalizing this regulation.”
According to the Joint Committee on Taxation of the U.S. Congress, the regulation is estimated to generate approximately $600 million in net revenue between 2025 and 2034. This revenue could help cover the cost of the bill. If enacted, the bill could offer significant flexibility in tax practices for those operating in the crypto asset sector.
Similar developments in tax regulations for digital assets are occurring internationally, and steps taken by the U.S. are expected to set an example for other countries. As the role of cryptocurrencies in the financial system continues to grow, adapting regulations to technological advances remains a critical issue for investors. Reducing the tax burden on digital assets and increasing legal clarity may enable sustainable innovations in the sector.
