Senator Lummis presents bill to insert crypto tax definitions to shield micro-payments, validation rewards
CryptoSlateThursday, July 3, 2025 at 7:15:22 PM
Senator Cynthia Lummis just introduced a bill aimed at clarifying how crypto transactions—like tiny payments or rewards for validating blockchain transactions—should be taxed. The proposal tweaks the tax code to define terms like "digital asset" and treats most crypto as property (unless it’s just a digital version of something else). Basically, it’s trying to cut through the confusion around crypto taxes, especially for small-scale users and validators.
Editor’s Note: Crypto taxes are a mess right now—rules are vague, and people aren’t always sure how to report things like staking rewards or microtransactions. This bill could make life easier for everyday crypto users by spelling things out clearly. It’s not a game-changer, but it’s a step toward less headache-inducing tax season for crypto folks. If it passes, it might also signal more serious efforts to regulate crypto without stifling it.
— Curated via WP Now’s
