US Senator Cynthia Lummis has renewed her push for a tax exemption on small cryptocurrency transactions as lawmakers debate a broader digital asset market structure bill in Congress.
Lummis said the House Ways and Means Committee and Senate Finance Committee are considering a proposal that would allow crypto users to make transactions under $300 without triggering capital gains taxes.
“We’re trying to figure out how to weigh the appropriate way to decide when a sale — for example of Bitcoin — should be subject to capital gains and when it should be allowed to be used as a simple means of exchange,”
Lummis said.
The proposal follows legislation she introduced in July 2025 that would create a de minimis tax exemption for crypto transactions under $300, with a $5,000 annual cap on tax-free transactions.
The debate comes as the Senate considers digital asset market structure legislation related to the CLARITY Act, which passed the House in 2025 but has stalled in the Senate.
The bill’s progress has slowed due to disagreements over issues including tokenised equities, regulatory responsibilities between US agencies, and stablecoin yield policies.
Meanwhile, Donald Trump recently urged banks and the crypto industry to reach an agreement on the legislation, saying financial institutions should not hold the CLARITY Act “hostage” as negotiations continue.