Against the background of growing regulatory uncertainty and tax problems in the field of digital assets, Senator Cynthia Lummis decided to act. She introduced a separate bill that should bring order to the American tax code regarding digital assets. This is a response to the growing discontent of the crypto community due to unclear and often contradictory tax requirements.

The bill proposes to create zones where the tax burden will be significantly less. First, small transactions (up to $300 at a time, but no more than $5,000 per year) are generally proposed to be exempt from taxes. Secondly, Lammis wants to remove taxes from crypto loans and assets that are donated to charity. Well, the best part for mining and staking is that taxes on their rewards will be accrued only at the moment when they sell the extracted or "earned" assets, and not immediately upon receipt.

"This bill will simplify all bureaucratic difficulties and propose normal rules that take into account how digital technologies really work,– Lammis said. "Old taxes stifle innovation. I want Americans to be able to participate in the digital economy without fear of accidentally violating any tax rules."

For Lummis, known for her support of crypto, this project is the last opportunity in the current political cycle to fulfill the promises made to the industry, especially after senators ignored digital assets in the basic spending law.

All this is happening against the background of growing discontent, because crypto companies, investors and ordinary users are tired of double taxation and confusion in US tax requirements. A special question is how to tax DeFi and platforms where the creators do not have full control.

Lawmakers in Congress are trying to include at least some crypto provisions in the federal spending act. The Lummis bill is their most realistic chance to make progress in tax regulation of cryptocurrencies.