digital asset tax reform bill

Key Points:* The bill includes crypto tax reforms and market impact predictions.

• The proposal could generate $600 million over nine years.
• Community response is positive, anticipating reduced compliance burdens. U.S. Senator Cynthia Lummis has introduced a digital asset tax bill aimed at reforming the current tax code to suit the digital economy, with the intention to pass it to the President soon.

This legislative move may significantly reshape digital asset taxation in the U.S., promoting a more competitive environment for cryptocurrencies.

U.S. Digital Asset Tax Code Overhaul

Senator Lummis introduced a comprehensive digital asset tax bill today, aiming to reform the tax code for the growing digital economy. The plan seeks to eliminate burdens deemed unfair to digital asset users in the U.S.

Key proposals include a tax exemption for small transactions and elimination of double taxation for miners. These changes target creating a fair competitive landscape and are projected to generate approximately $600 million in net revenue by fiscal year 2034. Reactions to the bill have been largely positive, especially within the crypto community, who have welcomed the legislative clarity.

“To maintain America’s competitive edge, we must reform the tax code to accommodate the digital economy, rather than impose burdens on digital asset users.” – Cynthia Lummis, U.S. Senator from Wyoming

$600 Million Revenue Boost with New Crypto Tax

Did you know? Senator Lummis’s efforts mirror historical securities tax reform changes, placing digital assets in line with traditional assets and potentially fostering innovation and adoption similar to past regulatory shifts.

According to CoinMarketCap, Bitcoin (BTC) is valued at $109,310.41, reflecting a 0.73% price increase over the past 24 hours. Its market cap stands at $2.17 trillion, with a trading volume of $59.54 billion, marking a 29.50% change.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 15:50 UTC on July 3, 2025. Source: CoinMarketCap The Coincu research team indicates the new tax bill could lead to more regulatory clarity and investor confidence, likely encouraging further adoption and market growth within the U.S. blockchain sector.

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