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The cryptocurrency tax reform proposal, proposed by Representative Rumis, has been suggested to be amended to a "great and beautiful bill."
Cynthia Lummis, a Republican Senator and proponent of cryptocurrency, is advocating for the addition of a cryptocurrency tax reform amendment to the budget reconciliation bill "the Big, Beautiful Bill" proposed by the Trump administration. The bill is currently under consideration in the Senate as a large-scale legislative measure that exceeds 1000 pages.
The proposal is centered on the introduction of a small tax exemption for virtual currency transactions under $300. Currently, even small Bitcoin (BTC) payments require capital gains calculations for all transactions, which is a barrier to the expansion of the use of virtual currency for payments.
Congressman Lumis has also proposed a solution to the double taxation issue of mining and staking rewards. "Miners and stakers are taxed twice, once when they receive rewards and again when they sell them," he pointed out on X.
The proposed amendments include clarifying the timing of taxation on mining and staking rewards, as well as the accounting regulations for the market valuation of companies holding virtual currencies. Industry groups are strengthening their lobbying efforts with Senate Finance Committee Chairman Mike Crapo and others.
Cryptocurrency policy stakeholders have described the amendment as a "Hail Mary pass" and recognize that it is uncertain whether it will be adopted. The final decision will be left to discussions among Congressman Rumis, Chairman Claypo, and Majority Leader John Soon.
David Bailey, CEO of Bitcoin Magazine, is considering raising over $100 million for a political action committee (PAC) focused on Bitcoin advocacy. He warned that lawmakers opposing Congressman Lummis's cryptocurrency tax reform could be affected in next year's midterm elections.
President Trump is urging the Republican Party to pass the bill by Friday, but the fate of the amendments is uncertain. The bill needs to go through discussions in the House after passing the Senate before reaching the President's signature.