Overview

• Senator Cynthia Lummis filed the standalone bill on July 3 following the removal of her crypto tax proposals from the Senate’s budget reconciliation legislation.
• The legislation exempts individual crypto transactions under $300 from capital gains calculations up to a total of $5,000 per year.
• It defers taxation on mining, staking, airdrops and forks until digital assets are sold, eliminating duplicate tax events.
• The bill applies the 30-day wash-sale rule to digital assets and allows dealers and traders to mark holdings to market for year-end reporting.
• The Joint Committee on Taxation projects the reforms will raise about $600 million through 2034 but securing Senate floor time remains uncertain.