Senator Lummis’s Crypto Bill May End Double Taxation

Share via:


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.

Popular

More Like this

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.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Is XRP Price Heading for a Crash?

XRP is currently stuck in a tricky situation...

Researchers seek to influence peer review with hidden AI...

Academics may be leaning on a novel strategy...

M4 MacBook Air, M4 Max Mac Studio, AirTag, more...

The 4th of July Apple deals are starting...

Popular

Upcoming Events

iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt iptv pt
IPTV IPTV IPTV IPTV IPTV IPTV IPTV