Today, the American Senator Cennis Lomes (R-WY) foot Comprehensive legislation for digital asset tax that can greatly enhance the use of bitcoin and other cryptocurrencies by lowering the bureaucratic red tape, updating old tax rules, supporting bitcoin innovation and encryption.
“In order to maintain our competitive advantage, we must change our tax law to embrace our digital economy, and not the burden of digital asset users,” said Lomes. “This pioneering legislation is fully pushed, penetrates the bureaucratic red strip and establishes the rules of proper code that reflect how digital technologies work in the real world. We cannot allow our old tax policies to strangle American innovation, and my legislation guarantees that Americans can participate in the digital economy without unintended tax violations.”
The suggestion provides an exemption from the minimum that excludes the gains or losses of small digital assets of taxes, with a maximum of $ 300 per transaction and $ 5,000 annually, and to adjust inflation in 2026.
The draft law guarantees that Bitcoin and other encryption lending is not imposed on it as a sale, and its alignment with traditional securities lending and improving capital efficiency. It also applies the laundry base for 30 days to digital assets, closing the loophole and enhancing tax fairness across the asset categories.
The draft law allows digital assets and merchants to elect the mark tax treatment, bitcoin and other encryption with the current rules of securities and commodities. This allows more accurate recognition of income based on a fair market value, eliminating arbitrary discrimination based on asset type.
It also mocks taxes on mining and driving until the assets are sold, which reduces the burden of imposing taxes on the incomplete income. In addition, the draft law removes the requirements for evaluation of charitable donations of digital assets actively circulating, facilitating contributing to non -profit organizations of bitcoin and encryption and treating them like the shares traded to the public.
“The legislation is estimated by the Committee for the Joint Congress on Taxes to generate approximately $ 600 million of revenue during the 2025-2034 budget window,” press release.
Senator Lomes stressed the importance of public inputs in forming a just and looking for Bitcoin and the wider digital asset economy. She said: “I welcome the general comments on this legislation, as we seek to obtain this package to the president’s office.”
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