Analysis: No Sign of Passage for Small Crypto Transaction Tax Exemption, Opportunity May Have Been Missed

According to ChainCatcher, as revealed by crypto journalist Eleanor Terrett, after more than 24 hours of amendment procedures in the U.S. Senate, there is still no sign that Senator Cynthia Lummis’s cryptocurrency tax proposal (the proponent of the Bitcoin Reserve Act) will pass. The window for submitting the proposal for Senate discussion may have closed, or the opportunity may have been missed.

Previously, Senator Lummis had proposed adding a small-scale crypto transaction tax exemption clause to the “Beautiful Act,” which included provisions exempting small crypto transactions (under $300) from taxation. The industry believes this would streamline the current practice of taxing the core activities of cryptocurrencies—staking and digital asset mining—at both the start and end of these activities.