Senator Cynthia Lummis has suggested a proposal that would exempt small Bitcoin transactions, those under $300, from certain taxes, potentially simplifying reporting requirements.

Proposed Bitcoin Tax Exemption

Senator Cynthia Lummis has proposed a Bitcoin de minimis tax exemption.

The exemption would exclude smaller Bitcoin transactions, potentially up to $300, from capital gains reporting.

This would allow consumers to spend Bitcoin for everyday purchases without triggering taxable events.