Republican Senator Cynthia Lummis has introduced a crypto tax reform proposal in the U.S. Senate. The plan seeks to align crypto regulations with securities trading rules, promising billion-dollar revenue potential and providing possible tax exemptions for Bitcoin miners.
Senators Lummis and Gillibrand are pursuing amendments to extend wash-sale rules to cryptocurrencies, aiming to close tax loopholes. Miners might enjoy tax relief while traders may lose existing advantages, stirring varied reactions among lawmakers and the crypto community.
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