Senator Lummis Proposes Cryptocurrency Tax Reform, Aiming for Billions in Revenue

Senator Cynthia Lummis is pushing for a major overhaul of cryptocurrency taxation in the US. Her proposal seeks to extend the wash-sale rule, currently used for securities trading, to cryptocurrencies, potentially generating billions in new tax revenue. This change aims to create greater consistency with traditional financial regulations and may ease compliance burdens for Bitcoin miners. The reform also represents a significant step towards establishing a systematic framework for cryptocurrency taxation.