Senator Lummis Calls for Modernization of Crypto Taxation

Senator Cynthia Lummis has highlighted the need for reform to crypto taxation in the United States, arguing that current regulations disproportionately impact individuals involved in the cryptocurrency market. She emphasizes the inequity of current rules, which subject Bitcoin miners and other participants to potential double taxation on their assets. This concern is compounded by high compliance costs associated with these outdated tax policies, discouraging investment and entrepreneurship in the cryptocurrency sector.