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Senator Cynthia Lummis has unveiled a new crypto tax modernization bill, aiming to simplify and address gaps in current crypto tax codes. The proposal stems from efforts to bring transparency for digital asset traders while restructuring how tax liabilities are calculated in the evolving crypto economy.
What’s the Scoop?
- Renewed Push for Reform: Sen. Lummis reintroduces her crypto tax reform bill while appealing to bipartisan support to streamline current tax regulations for digital assets.
- Focus on Modernization: The bill focuses on eliminating outdated tax rules that complicate digital asset transactions, such as wash-sale regulations and micro-transactions.
- Broader Bipartisan Goals: Lummis is hoping the reform aligns with wider regulatory frameworks to keep crypto innovation onshore amidst global competition.
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