Senator Lummis Proposes Tax Exemption for Small Bitcoin Payments to Boost Cryptocurrency Use

U.S. Senator Cynthia Lummis has introduced legislation that would exempt small Bitcoin payments under $300 from capital gains tax, aiming to simplify everyday cryptocurrency transactions and potentially boost bitcoin adoption. The proposal seeks to address current tax code barriers that hinder such usage by removing restrictions for smaller transactions, while the bill’s specific focus on Bitcoin raises questions about its broader implications for other cryptocurrencies.