Wyoming Senator Revives Crypto Tax Exemption Debate

US Senator Cynthia Lummis of Wyoming has renewed efforts to establish a de minimis tax exclusion for small cryptocurrency transactions, proposing an exemption of up to $300 per transaction, with an annual limit of $5,000. Lummis stated that the House Ways and Means Committee and Senate Finance Committee are considering this exemption as the Senate debates a digital asset market structure bill. She aims to clarify when Bitcoin transactions should be treated as simple means of exchange rather than taxable capital gains events. Progress on the broader market structure bill, known as the CLARITY Act, has stalled in the Senate due to concerns over tokenized equities, regulatory responsibilities, and stablecoin yield, despite passing the House. Lummis, a strong proponent of the bill, announced she will not seek reelection in 2027. Recently, President Donald Trump urged banking groups to support the legislation, stating they should not hold the CLARITY Act "hostage."

(Source：Cointelegraph)