Wyoming Sen. Cynthia Ramis, who describes current practices for taxing digital assets as “outdated,” introduced a new bill today aimed at modernizing cryptocurrency taxation.
The move led Lummis to crypto-friendly regulations that have long been traced back to the Congressional agenda.
The new bill for Republican Senators is roughly the same as the provisions President Donald Trump tried to include in his “One Big Beautiful Bill Act” settlement package earlier in the week, but those provisions were not included in the package and were not voted during the voting.
“We cannot allow old tax policies to curb American innovation,” Ramis said in a statement. “The bill ensures that citizens can participate in the digital economy without accidentally committing tax violations,” he also invited public comments about the bill, saying he aimed to “delivery it to the president’s desk.”
Highlights of the new bill include the end of double taxation on mining and staking activities and the exemption from digital asset transactions up to $300. This threshold is intended to eliminate the need for users to keep tax records at every step for small transactions, such as buying coffee with Bitcoin.
*This is not investment advice.
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