Senator Lummis has once again shown her strong support for the crypto industry. Lummis thanked President Trump for his help to ensure America retains its lead in financial innovation.
Senator Lummis Pushes Tax Reform to Protect Players from Double Taxation
In a new series of posts on X, Senator Lummis shared her plans to protect digital asset users from what she calls unfair tax rules. She stressed that the country must keep moving forward as a global leader in crypto.
Her move to protect crypto players follows a recent court ruling refusing to grant the IRS summons to Coinbase’s user data. Senator Lummis revealed she is working on an amendment to the One Big Beautiful Bill (OBBB).
This amendment would allow Americans to use digital assets without the fear of unexpected tax violations. Many in the crypto community see this as a positive step for wider adoption and freedom.
In another post, Senator Lummis highlighted the tax problems faced by crypto miners and stakers. She pointed out that these people are taxed twice. First, they pay taxes when they receive rewards from mining or staking.
Then, they pay again when they sell those assets. Lummis called this system unfair and harmful to innovation. She argued that these double taxes make it harder for the US to stay ahead in the digital currency space.
Lummis Gains Support in Bid to Make US the Global Crypto Powerhouse
By removing this burden, Senator Lummis believes America can become the top Bitcoin and crypto superpower in the world. This idea matches her long-standing push for clear and fair crypto rules.
Senator Lummis has been one of the most outspoken crypto supporters in Congress. She often talks about the importance of Bitcoin and digital assets in interviews and public speeches.
Her proposal could make it easier for more people to get involved in crypto without fearing heavy tax bills. Supporters say this would encourage innovation and make the US more attractive for blockchain startups.
Senator Lummis also believes that clear tax guidance can help reduce confusion and prevent players in the industry from being punished unfairly. Michael Saylor, a well-known Bitcoin supporter, also reacted to Senator Lummis’s posts.
In his X post, Saylor backed her call to end unfair taxes, saying it is necessary if America wants to lead as a Bitcoin superpower. His support adds weight to the growing push for change.
Earlier this month, Senator Lummis wanted Congress to amend crypto tax regulations. She argued that Bitcoin and other cryptocurrencies are unfairly targeted.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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