Senator Lummis Proposes Tax Exemption for Small Bitcoin Transactions

U.S. Senator Cynthia Lummis has introduced legislation to exempt small Bitcoin transactions from taxes, aiming to simplify cryptocurrency use and encourage wider adoption. The proposed bill would offer a $300 de minimis exemption, according to Lummis’ bill titled Senate Bill 954, and is intended to remove barriers for everyday use of digital assets. This initiative could significantly boost Bitcoin trading volumes and liquidity, benefiting major platforms like Binance and Coinbase.