Following the Great Tax Law in the US, now the Great Cryptocurrency Tax Bill has been introduced!

Wyoming Senator Cynthia Lummis described the current practices regarding the taxation of digital assets as "outdated," and today she introduced a new bill aimed at modernizing the taxation of cryptocurrency.

With this move, Lummis has brought back the crypto-friendly regulations she has long advocated into the Congressional agenda.

The Republican senator's new bill closely overlaps with the provisions that President Donald Trump attempted to add to the large compromise package called the "One Big Beautiful Bill Act" earlier in the week. However, these regulations were not included in the package during the voting and were not presented for a vote.

In a statement, Lummis said, "We cannot allow outdated tax policies to hinder American innovation. This bill ensures that our citizens can participate in the digital economy without unintentionally violating tax laws." He also invited the public to comment on the bill, stating that he aims to "get the regulation to the President's desk."

Among the prominent items in the new bill are the elimination of double taxation on mining and staking activities and the exemption of digital asset transactions up to 300 dollars from tax. This threshold aims to eliminate the obligation for users to keep tax records for every step, such as making small transactions like buying coffee with Bitcoin.