US Senator Cynthia Lummis proposes a comprehensive cryptocurrency tax reform bill, including tax exemptions for small transactions and the elimination of double taxation on pledges

BlockBeats News: On July 3rd, US Senator Cynthia Lummis proposed a comprehensive digital asset tax bill today, aiming to achieve multiple key results for the cryptocurrency industry and create a fair competition environment for digital asset users across the United States. Cynthia Lummis stated, "In order to maintain America's competitive advantage, we must reform our tax laws to adapt to the digital economy, rather than imposing burdens on digital asset users. We welcome public feedback on this legislation and strive to deliver it to the President's desk as soon as possible." According to estimates from the Congressional Joint Committee on Taxation, the bill is expected to generate net revenue of approximately $600 million between fiscal years 2025 and 2034. The bill proposes reform suggestions for multiple tax issues related to digital assets, including: ·Small transaction tax exemption: Establish a minimum rule of $300, eliminate double taxation for miners and pledgers, ensure tax equality between digital assets and traditional financial assets (such as loans, washouts, market value taxation, etc.), and exempt charitable donations from valuation reports