U.S. Senator Cynthia Lummis has proposed crypto-friendly tax reforms to be included in Trump’s economic package, the “Big Beautiful Bill.” The proposal aims to modernize the tax treatment of digital assets and alleviate burdens for everyday users and blockchain validators.

Crypto Tax Amendment Seeks De Minimis Relief and Policy Update

On June 30, Senator Cynthia Lummis introduced an amendment to exempt small crypto transactions from capital gains tax. The proposed “de minimis” rule would exclude transactions under $300, with an annual cap of $5,000 for tax-free crypto activity.

According to documents from Lummis’ office, the amendment also targets what industry voices call “double taxation.” Currently, miners and stakers pay taxes when they receive rewards and again when they sell. Lummis proposes that rewards be taxed only when sold.

Her office confirmed the language is structured to bring U.S. tax policy in line with the practical use of digital assets. Lummis posted on X, saying, “It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.”

Support Builds Across Crypto Industry for Lummis’ Proposal

The crypto industry has expressed strong support for the amendment, figures like Michael Saylor publicaly supporting. The Bitcoin Policy Institute, Solana Policy Institute, and The Digital Chamber have publicly backed the initiative.

We must end unfair taxes on BTC miners if America is going to be the world's Bitcoin Superpower. https://t.co/3DeRFx558v

— Michael Saylor (@saylor) June 30, 2025

Matthew Pines, executive director at the Bitcoin Policy Institute, called on constituents to push Senate Finance Committee members to support the measure. “A de minimis exemption would reduce burden, promoting fair compliance and everyday adoption,” he said.

Kristin Smith of the Solana Policy Institute added that the proposal could “unlock domestic growth and create jobs” by resolving tax uncertainty around staking.

Fair tax treatment for staking is critical for US crypto leadership. Congress can unlock domestic growth & create jobs with common-sense staking tax clarifications.@mikecrapo, please include this provision in the OBBB.

Thanks @SenLummis for driving a sensible update on this… https://t.co/jmui6R4Rhm

— Kristin Smith (@KMSmithDC) June 30, 2025

The Digital Chamber also released a statement supporting the bill, writing: “Today, staking and block rewards are taxed upon both acquisition and point of sale. Senator Lummis’ provision solves this by taxing rewards only when sold.”

Broader Scope: Lending, Charitable Giving, and Wash Sales Included

Besides staking and mining, Lummis includes other crypto scenarios in this proposal. it covers crypto lending, charitable donations, and the wash sale rules that have no clear guidelines on digital assets.

The amendment tries to iron out this confusion of taxing those activities in the manner in line with the conventional financial provisions. The aim is to promote innovative solutions but to accomplish this objective, specific rules will be presented.

An earlier bill that is similar to the amendment was proposed by Representatives Wiley Nickel and Drew Ferguson in 2024, but did not get any further. Lummis’ new proposal builds on that foundation but expands its reach.

Vote Timeline and Legislative Uncertainty

Lummis’ crypto amendment is part of the larger Big Beautiful Bill, a 1,000-page economic package central to Donald Trump’s policy agenda. The bill is currently undergoing Senate review, with multiple proposed changes under consideration.

Trump has encouraged legislators to conclude on the reconciliation bill on July 5. Although it has been passed in the Senate, even then, the bill has to go through the House of Representatives before it lands on the table of the president.

The question of whether the crypto provisions will pass remains a question. Nevertheless, crypto enthusiasts keep demanding a change in the hope that this would rectify the situation and solve outdated policies that impede the adoption process.