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Digital Asset Tax Reform: New Rules and Exemptions

New regulations simplify tax reporting for small digital asset transactions, establish clear rules for lending and trading, and modify the taxation of mining and staking. The aim is to make it easier for citizens to use digital assets in daily life and ensure greater tax clarity.
Key points
Small digital asset transactions (up to $300) used to purchase goods or services for personal use will be tax-exempt, simplifying everyday payments.
Income from digital asset mining and staking will not be taxed immediately; tax will be due only upon sale or other disposition of these assets.
Clear rules for digital asset lending have been introduced, aiming to facilitate such transactions and ensure tax predictability.
Changes to 'wash sale' rules for digital assets aim to prevent tax avoidance, with an exception for stablecoins.
Charitable contributions of actively traded digital assets are now eligible for deductions, potentially encouraging donations to non-profit organizations.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2207
Sponsor: Sen. Lummis, Cynthia M. [R-WY]
Process start date: 2025-06-30
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A bill to amend the Internal Revenue Code of 1986 to reform the treatment of digital assets.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2207.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-06-30.

What are the main provisions?

Key points include:

  • Small digital asset transactions (up to $300) used to purchase goods or services for personal use will be tax-exempt, simplifying everyday payments.
  • Income from digital asset mining and staking will not be taxed immediately; tax will be due only upon sale or other disposition of these assets.
  • Clear rules for digital asset lending have been introduced, aiming to facilitate such transactions and ensure tax predictability.
  • Changes to 'wash sale' rules for digital assets aim to prevent tax avoidance, with an exception for stablecoins.
  • Charitable contributions of actively traded digital assets are now eligible for deductions, potentially encouraging donations to non-profit organizations.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Lummis, Cynthia M. [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Economy