In hearings today, Senator Lummis signaled willingness to work with Treasury on clearer Bitcoin tax guidance, including a potential de minimis exemption.
U.S. senators and crypto specialists propose stipulations for digital asset market structure legislation while highlighting the reality of illicit financing on public blockchains and noting the Trump family’s crypto dealings.
Long-time Bitcoin advocate Senator Cynthia Lummis (R-WY) has drafted a bill that allows Bitcoin enthusiasts to spend small amounts of bitcoin without incurring capital gains taxes (which is very cool), but many — including myself — feel that the spending limits in the bill are too low.
President Trump's "Digital Asset" Executive Order is not what we hoped for. Luckily, Senator Lummis is taking a better approach to establishing a Strategic Bitcoin Reserve.