U.S. Senator Lummis Proposes Digital Asset Tax Reform Bill

Senator Cynthia Lummis has introduced a digital asset tax bill in the U.S. Senate today, July 3rd, aimed at crypto industry reform and generating $600 million in revenue.

The proposal seeks to address existing tax issues in a move seen as crucial to maintaining America’s economic competitiveness in the digital realm.

Lummis Unveils Tax Bill Targeting $600 Million Revenue

U.S. Senator Cynthia Lummis’s new legislation addresses digital asset issues such as tax parity and reducing double taxation. The bill’s introduction is part of ongoing efforts to adapt tax law to the digital economy. It features a $300 de minimis rule and aims to simplify charitable donations. If passed, it could reduce administrative burdens on digital asset transactions. Senator Lummis welcomes public comments on the legislation, emphasizing it as a step toward competitiveness in the digital economy. The crypto community hopes this reform will enhance adoption through clearer regulations.

The proposal includes significant changes to the tax code that could simplify the process for digital asset users, particularly in terms of charitable donations and the de minimis rule.

“In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users.” – Cynthia Lummis, U.S. Senator (Republican, Wyoming)

Crypto Community Anticipates Bill’s Impact on Market Growth

Did you know? The proposal could mirror the influential 2021-2022 tax guidance shifts, which prompted significant changes in crypto tax reporting and industry pushback.

Bitcoin’s current trading data reflects a price of $109,784.66, with a market cap of $2 trillion as of July 3rd, 2025, according to CoinMarketCap. BTC’s price movements indicate a 30.69% increase over the past 90 days, alongside a 24-hour trading volume of approximately $53.71 billion, emphasizing the potential impact of new tax regulations.

Coincu Research highlights that the legislation could lead to increased institutional investment and innovation within the U.S. crypto sector. By aligning taxation norms with traditional financial assets, the bill might foster a more equitable environment, enhancing market participation and liquidity.