Senator Cynthia Lummis revealed on June 30 that she would introduce an amendment to add crypto tax language to the “One Big Beautiful Bill” (OBBB) amid pushes from crypto advocates in the same direction.
Lummis posted on X that she is drafting an OBBB amendment “to ensure Americans can use digital assets without fear of tax violations.” She added:
“For years, miners and stakers have been taxed TWICE. Once when they receive block rewards and again when they sell it. It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.”
The proposal revives earlier bipartisan efforts to exempt small gains on everyday transactions.
Matthew Pine, executive director of the Bitcoin Policy Institute, asked supporters to email or call senators and request “a narrowly tailored Bitcoin de minimis tax exemption.”
According to Pine’s suggested script, the current rules require users to compute capital gains on minor purchases, a record-keeping burden that “discourages fair compliance and everyday adoption.”
Timing of taxation for block rewards
Dennis Porter, chief executive of the Satoshi Action Fund, focused his outreach on mining and proof-of-stake earnings.
He told callers to explain that those rewards “are taxed once as ordinary income when they’re created, then again as capital gains when they’re sold.”
Porter’s proposed fix would tax rewards only at disposition, aligning them with self-generated property such as farm produce.
Colin McLaren of the Solana Policy Institute echoed the appeal, stating that Congress and the Senate Finance Committee “need to clarify key digital asset tax issues around staking” and should incorporate Lummis’s language to “unlock the future of innovation.”
Lobbying coordination intensifies
Cody Carbone, CEO of the Digital Chamber lobbying group, amplified the message in a post.
He said that taxes on block and staking rewards should be applied at sale instead of creation, adding that legislation should treat these rewards as “created property.”
Carbone’s call added the Digital Chamber’s membership to a coalition that now includes Bitcoin policy advocates, proof-of-stake supporters, and general crypto trade groups. All scripts emphasize courtesy and brevity when speaking with congressional offices.
Supporters view this week’s committee negotiations as a narrow window to attach digital asset provisions before the bill reaches the Senate floor.
They argue that the combined de minimis exemption and block reward timing fix would streamline individual reporting, reduce compliance costs, and keep validation activity in the US.
Senate staff have not released the draft text, and negotiators have not indicated whether the two issues will be advanced together or separately.
Mentioned in this article
Credit: Source link
