Sen. Lummis says progress is underway on crypto tax rules in the Senate

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Senators on the Senate Finance Committee are making headway on legislation to define how digital assets should be taxed, according to Sen. Cynthia Lummis, a vocal advocate for cryptocurrencies.

Speaking Tuesday at BTC in D.C. in Washington, D.C., the crypto-friendly Wyoming Republican said that the committee, which focuses on taxes, is working to incorporate ideas she has previously posed.

"As I understand it, the draft that the Senate Finance Committee is working on includes 10 things, our nine and one other," Lummis said. "So I think we're making progress on that."

In July, Lummis introduced legislation to modernize the tax treatment of digital assets, which includes a de minimis provision to exclude gains or losses from crypto transactions that are under $300 from being taxed and declares that digital asset lending is not a taxable event, among other measures.

Lummis previously sought to get those provisions, which had support from numerous crypto advocates, into President Donald Trump's larger reconciliation bill called the One Big Beautiful Bill Act, but that ultimately did not happen. Crypto advocacy groups have been pushing for changes in how crypto is taxed, particularly focused on a de minimis exemption.

On Tuesday, Lummis said she has been working with Republican and Democratic members of the Senate Finance Committee on understanding the importance of a crypto tax bill.

"We're working with members of the Senate Finance Committee now to help usher that forward in both parties." Lummis added that Sens. Ron Wyden, D-Ore., has been a "great partner."

Upcoming hearing

The Senate Finance Committee is also slated to hold a hearing on Wednesday titled "Examining the Taxation of Digital Assets." Witnesses scheduled to testify include Jason Somensatto, director of policy at Coin Center, and Andrea S. Kramer, founding member of ASKramer Law.

The hearing comes as lawmakers face the threat of an upcoming government shutdown, which could go into effect if Congress can't agree on funding before Oct. 1.

If there is a government shutdown, the hearing on digital asset taxes in the Senate Finance Committee will continue as planned, a spokesperson for the Senate Finance Committee confirmed to The Block.

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Sen. Lummis says progress is underway on crypto tax rules in the Senate

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