Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill

Description

Senator Cynthia Lummis is pushing to include a provision in the budget bill that would waive US taxes on small-scale crypto transactions. The move aims to ease the burden on everyday crypto users and support broader adoption.

Authors

Jesse Hamilton

Nikhilesh De

Publish date

July 1, 2025

Publisher

CoinDesk

Web archive URL

https://archive.is/uXdFI

Web URL

https://www.coindesk.com/policy/2025/06/30/senator-seeks-to-waive-us-taxes-on-small-scale-crypto-activity-in-big-budget-bill

Referenced by

Sen. Lummis' crypto tax amendment fails to make it into OBBB

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News story

The amendment might also address the wash-trading loophole lawmakers have sought for years to close. Under current rules, crypto investors can conduct a "tax-loss harvesting" strategy through strategically selling investments at a loss and immediately re-purchasing them.

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Lummis sought on Monday to insert language into Congress' "Big Beautiful Bill" that would, among other things, waive taxes on small crypto transactions below $300

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