On Thursday, July 3, U.S. Senator Cynthia Lummis submitted a bill proposal that aims to exempt certain cryptocurrency transactions from taxes and defer taxes on mining and staking rewards until the underlying tokens are sold.
"My legislation ensures that Americans can participate in the digital economy without inadvertently violating tax laws," Lummis stated.
According to Cointelegraph, the senator's bill proposal was released three weeks after the "American Stablecoin Innovation and Establishment Act" (GENIUS Act) passed the Senate with a vote of 68-30 on June 11.
The GENIUS Act could "legalize" stablecoins by setting clear collateral standards, making them a "better form of currency" for institutional participants, said Andrei Grachev, managing partner of DWF Labs and Falcon Finance.
Due to disappointment with traditional banking services, Aave Labs founder Stani Kulechov stated that the increasingly clear regulations in the U.S. may prompt more traditional financial players to seek decentralized financial services.
"Due to poor banking experiences, we are seeing a significant influx of funds into fintech, and fintech applications are able to capture a large market share," Kulechov said on stage at EthCC 2025.
In addition to decentralized finance (DeFi), the tokenization of real-world assets represents a "trillion-dollar opportunity" for the crypto industry to engage with traditional finance, Kulechov added.
In the broader crypto space, Chainlink, a decentralized blockchain oracle network for cross-chain communication, launched a new compliance framework aimed at unlocking over $100 trillion in institutional capital for the crypto market.
"Chainlink ACE is the compliance and identity standard that the tokenized asset economy has been waiting for, and today's release provides the final key building block for bringing over $100 trillion of institutional capital on-chain," said Chainlink co-founder Sergey Nazarov.
On Thursday, July 3, U.S. Senator Cynthia Lummis submitted a bill proposal outlining several provisions to reform tax laws and exempt certain digital asset transactions from taxes, following the failure of a crypto amendment to appear in the budget proposal.
The bill proposes a small tax exemption for digital asset transactions and capital gains of $300 or less, with an annual tax exemption cap of $5,000.
The Wyoming senator also outlined tax exemptions for crypto lending agreements and digital assets used for charitable donations. Additionally, the bill proposes deferring taxes on mining and staking rewards until the sale of the underlying assets. Lummis stated, "This groundbreaking legislation is fully self-funded, cuts bureaucratic red tape, and establishes common-sense rules that reflect how digital technology operates in the real world. We cannot allow outdated tax policies to stifle innovation in America."
"My legislation ensures that Americans can participate in the digital economy without inadvertently violating tax laws," she added.
This independent proposal is now the best opportunity for Wyoming senators to fulfill their commitment to support crypto legislation after passing the spending bill.
DeFi protocol Ondo Finance and venture capital firm Pantera Capital plan to increase investments in real-world assets (RWA), highlighting the industry's growing focus on tokenization amid favorable regulatory developments in the U.S.
The two companies informed Axios that they plan to invest $250 million in RWA through a new fund called Ondo Catalyst. Ondo's Chief Strategy Officer Ian De Bode stated that these funds will be used to acquire equity and tokens in emerging projects.
"We are now seeing a bit of an 'arms race' in the tokenization market," De Bode told Axios, referring to the surge of companies entering the field. Exchanges are particularly focused on tokenized stocks and exchange-traded fund (ETF) products.
As Cointelegraph recently reported, digital brokerage firm Robinhood launched a new layer-2 blockchain to allow European customers to trade tokenized U.S. stocks and ETFs.
In May, Kraken announced plans to offer tokenized U.S. stock trading to investors outside the U.S.
Meanwhile, crypto exchange Coinbase is reportedly seeking regulatory approval to offer tokenized stocks, a move that would help it compete with Robinhood and other trading platforms.
Ondo Finance has been ramping up its push for on-chain finance, recently announcing the formation of a global market alliance with several crypto companies to promote the adoption of blockchain-based capital markets. On Thursday, the company announced that OKX Wallet has joined the alliance.
Multi-chain decentralized exchange (DEX) PancakeSwap reported that June trading volume hit a historic high of $325 billion, the highest monthly trading volume in the platform's five-year history.
Data from Dune Analytics indicates that June's total volume exceeded May's $174 billion, pushing PancakeSwap's second-quarter trading volume to $530 billion, surpassing the first quarter's $211 billion.
The surge in activity was attributed to a recent series of upgrades, including the launch of PancakeSwap Infinity in April, which introduced several features aimed at improving user experience and trading efficiency.
The upgrades brought lower gas fees, customizable liquidity pools using "Hooks," and support for advanced liquidity providers through CLAMM and LBAMM pool types.
PancakeSwap head Chef Kids told Cointelegraph that PancakeSwap Infinity provides key advantages for developers and liquidity providers. For developers, the platform allows for the integration of new pool types and custom Hooks without the need to redeploy smart contracts or launch new versions, which "greatly reduces development costs and accelerates innovation."
With 73% of eligible jurisdictions now having implemented the Financial Action Task Force (FATF) travel rules into law, cryptocurrency regulations are increasingly aligning with global standards.
The travel rules require crypto service providers to collect and share user transaction data, similar to traditional financial requirements. On June 26, the FATF released its annual report outlining how recent regulatory initiatives across jurisdictions are converging with its global anti-money laundering (AML) framework.
This is a direct result of the FATF's years-long efforts to align cryptocurrencies with traditional AML and counter-terrorist financing (CFT) standards.
For the second consecutive year, the FATF has highlighted stablecoins and decentralized finance (DeFi) as focal points, emphasizing their increasing use in illicit finance, including by North Korean actors. The organization plans to release targeted documents on stablecoins, offshore crypto platforms, and DeFi before next summer, hinting at the potential next steps for global crypto regulation.
Blockchain security firm CertiK reported that losses from crypto hacks, exploits, and scams surged to $2.47 billion in the first half of 2025, although the total number of hacking incidents decreased in the second quarter.
In the second quarter, there were 144 incidents with losses exceeding $800 million, a 52% decrease in value compared to the previous quarter, with 59 fewer hacking incidents, CertiK stated in a report on Tuesday, July 1.
In the first half of 2025, total losses exceeded $2.47 billion, nearly a 3% increase from the $2.4 billion stolen in 2024 due to hacks, scams, and exploits.
However, considering the more than $187 million returned in the first half of this year, CertiK stated that the adjusted total is close to $2.2 billion.
Despite the surge in losses, CertiK noted that this does not necessarily "indicate a deterioration in security," as most losses came from just two incidents involving the crypto exchange Bybit and the Cetus Protocol, totaling $1.78 billion.
According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 cryptocurrencies by market capitalization showed gains by the end of the week.
The Pudgy Penguins (PENGU) token rose over 66%, becoming the biggest gainer of the week, followed by the meme coin Bonk (BONK), which saw a weekly increase of nearly 25%.
Thank you for reading our summary of the most impactful DeFi developments this week. Join us next Friday for more stories, insights, and education about this dynamic field.
Related: Gate, Robinhood, Bybit all in: What’s driving the resurgence of U.S. stock tokenization?
Original article: “Finance Redefined: U.S. Senator Lummis’ Crypto Tax Relief Plan Fuels DeFi Momentum”
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