A new cryptocurrency tax bill introduced by U.S. Senator Cynthia Lummis is gaining attention for proposing substantial changes to how digital assets like Bitcoin are taxed—offering relief to users, miners, stakers, and donors.
The bill’s centerpiece is a tax exemption for small crypto purchases. Transactions under $300—such as buying coffee or groceries—would no longer trigger a taxable event, as long as total tax-free gains stay below $5,000 annually. The threshold will adjust for inflation beginning in 2026, paving the way for crypto to function more like traditional currency in daily life.
The legislation also proposes a more practical tax schedule for crypto miners and stakers. Instead of being taxed upon receipt of new tokens, taxes would only apply once those assets are sold, helping to prevent burdensome bills on unrealized income.
Crypto lending and donations would also benefit. Loans of digital assets would no longer be treated as taxable disposals, and donors giving commonly traded tokens to charity would not be required to obtain expensive appraisals.
Lummis argues the proposal could generate $600 million in revenue over a decade, but says the bigger win is keeping crypto innovation on U.S. soil. Although the bill didn’t make it into Trump’s sweeping new spending package, she’s optimistic it can pass on its own—and she’s calling on the public to weigh in during the comment period now underway.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/new-u-s-bill-could-eliminate-crypto-taxes-on-everyday-spending/