Cynthia Lummis’ crypto tax: Will Bitcoin miners see much-needed relief?
The post Cynthia Lummis’ crypto tax: Will Bitcoin miners see much-needed relief? appeared on BitcoinEthereumNews.com. Senator Cynthia Lummis pledged a tax amendment to remove tax burdens linked to crypto usage. Her proposal has been backed by top industry advocacy groups. U.S. Senator Cynthia Lummis has proposed an amendment to offer tax relief to crypto traders and Bitcoin [BTC] miners. Through an X (formerly Twitter) post on the 30th of June, Lummis pledged to ensure Americans use crypto without worrying about the taxman. “I am working on an OBBB amendment to ensure Americans can use digital assets without fear of tax violations. More to come soon!” Republicans in the Senate are pushing the controversial reconciliation bill known as the OBBB, or ‘One Big Beautiful Bill’. Currently, the bill is under debate as lawmakers make proposals and vote on key amendments ahead of a floor vote scheduled before the 4th of July. “Miners and stakers are being taxed twice” Lummis decried the current tax regime for ‘double taxation’ of crypto, miners, and validator operators. She stated, “For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.” She added that it’s “time to stop unfair tax treatment” to achieve President Donald Trump’s vision of making America the world’s BTC and crypto superpower. For perspective, currently, the U.S. Internal Revenue Service (IRS) treats mining, staking, crypto payment receipts, and airdrops as ordinary income and subject to the typical income tax rate. Typical usage like buying a coffee via crypto could trigger a taxable event. On top of that, selling the same assets later incurs capital gains tax—effectively taxing users twice. Lummis’ proposal aims to flip that model: tax only at the point of sale, not on use or receipt. Saylor steps in: “End it now” Michael Saylor, founder of Strategy (formerly MicroStrategy), the leading pioneer in BTC corporate…
The post Cynthia Lummis’ crypto tax: Will Bitcoin miners see much-needed relief? appeared on BitcoinEthereumNews.com.
Senator Cynthia Lummis pledged a tax amendment to remove tax burdens linked to crypto usage. Her proposal has been backed by top industry advocacy groups. U.S. Senator Cynthia Lummis has proposed an amendment to offer tax relief to crypto traders and Bitcoin [BTC] miners. Through an X (formerly Twitter) post on the 30th of June, Lummis pledged to ensure Americans use crypto without worrying about the taxman. “I am working on an OBBB amendment to ensure Americans can use digital assets without fear of tax violations. More to come soon!” Republicans in the Senate are pushing the controversial reconciliation bill known as the OBBB, or ‘One Big Beautiful Bill’. Currently, the bill is under debate as lawmakers make proposals and vote on key amendments ahead of a floor vote scheduled before the 4th of July. “Miners and stakers are being taxed twice” Lummis decried the current tax regime for ‘double taxation’ of crypto, miners, and validator operators. She stated, “For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.” She added that it’s “time to stop unfair tax treatment” to achieve President Donald Trump’s vision of making America the world’s BTC and crypto superpower. For perspective, currently, the U.S. Internal Revenue Service (IRS) treats mining, staking, crypto payment receipts, and airdrops as ordinary income and subject to the typical income tax rate. Typical usage like buying a coffee via crypto could trigger a taxable event. On top of that, selling the same assets later incurs capital gains tax—effectively taxing users twice. Lummis’ proposal aims to flip that model: tax only at the point of sale, not on use or receipt. Saylor steps in: “End it now” Michael Saylor, founder of Strategy (formerly MicroStrategy), the leading pioneer in BTC corporate…
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