Senator Lummis’s Crypto Bill May End Double Taxation

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US Senator Cynthia Lummis submitted a draft bill on Thursday proposing to exempt certain crypto transactions from taxation and defer taxes on mining and staking rewards until the underlying tokens are sold.

“My legislation ensures Americans can participate in the digital economy without inadvertent tax violations,”  said Lummis.

The senator’s draft bill was published three weeks after the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, passed the Senate in a 68–30 vote on June 11, Cointelegraph reported. 

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Senator Lummis’s Crypto Bill May End Double Taxation


US Senator Cynthia Lummis submitted a draft bill on Thursday proposing to exempt certain crypto transactions from taxation and defer taxes on mining and staking rewards until the underlying tokens are sold.

“My legislation ensures Americans can participate in the digital economy without inadvertent tax violations,”  said Lummis.

The senator’s draft bill was published three weeks after the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, passed the Senate in a 68–30 vote on June 11, Cointelegraph reported. 

The



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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