Senator Lummis’s Crypto Bill May End Double Taxation
US Senator Cynthia Lummis proposed a draft bill to exempt certain crypto transactions from taxation and defer taxes on mining and staking rewards until tokens are sold. The bill includes a de minimis exemption for transactions and capital gains of $300 or less, with a $5,000 annual cap. The GENIUS Act, which passed the Senate, aims to legitimize stablecoins by establishing collateralization standards. Ondo Finance and Pantera Capital announced a $250 million fund for investing in real-world assets (RWAs), highlighting the industry's focus on tokenization. PancakeSwap reported a record $530 billion in trading volume for Q2 2025, driven by recent upgrades. The FATF indicated that 73% of jurisdictions have implemented the Travel Rule for crypto service providers. Crypto losses reached $2.47 billion in H1 2025, with a decline in hacking incidents in Q2. Most top cryptocurrencies ended the week positively, with Pudgy Penguins rising over 66%.
