Quote from: bitLeap on July 09, 2025, 12:01:24 PM

Quote from: IceLincoln on July 08, 2025, 06:33:15 PM

1. Exemption of Tax for Small Transactions: transactions below $300 will be tax free with a yearly maximum of $5000
2. Deferral of taxes of mining and staking until the moment of assets sale. This addresses the issue of double taxation.
3. Tax Exemptions for crypto loans and charitable contributions in digital assets.

This is a very good draft, and it truly understands the retailer's concerns about running their business, which are often hampered by high taxes. The minimum threshold certainly provides flexibility for transactors, and honestly this method should serve as an example for other countries opening up to crypto. The bill aims to provide the necessary special space. I believe transactions under $300 are more than enough to continue to receive full public support.

I see this as a very good plan for crypto enthusiasts especially the common man who wants to use crypto often, now you can carry out your small transactions and payment of some goods and services with crypto without worrying about taxes. I believe this is gonna make things easier for crypto users especially that double taxation for
Miners. They can now properly plan for their taxes without headaches knowing it’s a one time payment.
The bill is generally designed to make life easier for crypto users I really commend Sen. Lummis for all she’s doing for the crypto community.