Lummis & Gillibrand Introduce Bipartisan Crypto Tax Bill

Sens. Lummis and Gillibrand have introduced a bipartisan bill to overhaul outdated crypto tax regulations, aiming to modernize how Bitcoin and digital assets are taxed. The proposal exempts transactions under $600 from taxation, addressing stifling innovation. The bill also seeks to close loopholes and provide support for Bitcoin miners. Senator Lummis highlighted the bill’s goal: enabling daily Bitcoin transactions like buying coffee or dinner, potentially boosting overall adoption.