INSUBCONTINENT EXCLUSIVE:
US Senator Cynthia Lummis submitted a draft bill on Thursday, outlining several provisions to overhaul the tax code and exempt certain
digital asset transactions from taxation after crypto amendments failed to appear in the budget package.The bill proposes a de minimis
exemption for digital asset transactions and capital gains of $300 or less, with a $5,000 annual exemption cap.The Wyoming Senator also
outlined provisions to exempt crypto lending agreements and digital assets used in charitable contributions from taxation
Additionally, the bill proposed deferring taxes on mining and staking rewards until the underlying assets are sold
that reflect how digital technologies function in the real world
We cannot allow our archaic tax policies to stifle American innovation.My legislation ensures Americans can participate in the digital
executives, investors, traders, and users frustrated by the lack of clarity and tax efficiency in the United States.One major topic of
contention is the tax treatment of completely decentralized finance (DeFi) protocols and non-custodial platforms where the developers do not
have control over funds or consensus rules.In June, US lawmakers on the House Financial Services Committee introduced an amendment to the
Digital Asset Market Clarity Act of 2025, the crypto market structure bill, exempting developers of decentralized protocols from being
classified as money-transmitting services.This would also exempt these DeFi protocols from the same tax reporting requirements as
centralized exchanges and other crypto businesses employing a traditional business structure.US lawmakers are scrambling to include crypto
Bitcoin reserve by other nations: Samson Mow
