Trump’s 'Big Beautiful Bill' May Get a 'Hail Mary' Bitcoin Tax Exemption
Senate Republicans are working to pass President Trump's budget reconciliation bill, the "One Big Beautiful Bill," which may include an amendment benefiting crypto investors. A key provision aims to implement a de minimis exemption for capital gains taxes on small crypto transactions, facilitating cryptocurrency use for payments. Currently, users must calculate capital gains on even minor transactions. Legislators are debating amendments, with a focus on a crypto tax provision developed by Senator Cynthia Lummis. Two likely elements of the amendment include clarification on tax timing for staking and mining rewards, and a mark-to-market accounting provision for companies holding crypto. The de minimis exemption's threshold is uncertain, previously set at $600, then $200, and now around $300. The decision on the amendment's inclusion will be made soon, with industry leaders believing it must happen today to be effective.
