A major push to overhaul the U.S.’s approach to cryptocurrency taxation is underway. Senator Cynthia Lummis, a Republican from Wyoming, has proposed amendments to her party’s tax and spending bill that would significantly reshape how cryptocurrencies are taxed. This proposal includes extending the ‘wash sale rule,’ currently utilized for securities trading, to encompass the cryptocurrency sector, potentially generating billions in additional tax revenue. Additionally, it exempts Bitcoin miners from reporting gains and losses, a move that has attracted the attention of President Donald Trump. Lummis’s bill is co-drafted with Senator Kirsten Gillibrand and was submitted to the Senate Finance Committee Chairman Mike Crapo for review. This proposed reform aims to establish the first systematic framework for cryptocurrency taxation within the United States.