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- GT Airdrop Is Live! 1.92M GT Burned in Q2, Worth Over $39M
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U.S. Senator Lummis has introduced a comprehensive digital asset tax bill, which includes establishing a $300 microtransaction tax exemption.
According to a report from Deep Tide TechFlow on July 3, U.S. Senator Cynthia Lummis's office announced that Senator Lummis has introduced a comprehensive tax bill for digital assets, aimed at providing a clear tax framework for the digital asset industry.
The bill contains several key provisions: establishing a $300 tax exemption for small transactions, ending double taxation on digital asset miners and holders, equal treatment with other financial assets (digital asset lending, wash sales, tax treatment at market value), and stipulating that charitable donations do not require assessment. According to the U.S. Congressional Joint Committee on Taxation, this legislation is estimated to generate approximately $600 million in net revenue during the 2025-2034 budget window.
According to the Joint Committee on Taxation of the U.S. Congress, the bill is expected to generate approximately $600 million in net revenue during the 2025-2034 budget window. Lummis stated that the bill aims to adapt the tax code to the digital economy and prevent hindering innovation in the United States.