Senator Lummis introduces legislation to modernize crypto tax rules
Senator Cynthia Lummis is pushing for major tax changes related to digital assets with new laws that could raise about $600 million from 2025 to 2034. The proposed bill aims to make tax rules easier for crypto holders by not taxing transactions under $300 for capital gains. This exemption covers both the transaction value and the total gain, with a yearly limit of $5,000 and adjustments for inflation beginning in