24/7 Cryptocurrency News

Crypto Regulation: Major Tax Reform Bill Submitted to US Senate

A major bill that may impact the crypto taxation regulations in the United States has been reintroduced to the US Senate
Published by
Crypto Regulation: Major Tax Reform Bill Submitted to US Senate

Highlights

  • American Senators received a new crypto tax bill for reconsideration
  • Americans are pushing for policy changes in this election cycle
  • Many pro -crypto Senators might help this bill scale through

Another major crypto tax bill was introduced in the United States Senate as regulation in the industry is taking center stage this election cycle.

Advertisement

Coin Center And US Senators on Crypto Tax Bill

Jerry Brito, the Executive Director of Coin Center noted that the Virtual Currency Tax Fairness Act was introduced with bipartisan sponsors. Notably, this is the second time in the Senate today.

This bill aims to create a “sensible de minimis exemption” from capital gains tax for low-value cryptocurrency transactions in day-to-day use. This is quite similar to the exemption that exists for foreign currency.

The Coin Center executive highlighted his firm’s advocacy for such solutions over the years. Therefore, they engaged a few Senators to have the bill delivered in the Senate. The sponsors includes Sen. Ted Budd, Sen. Kyrsten Sinema, Sen. Cynthia Lummis and Kirsten Gillibrand.

The collective effort made the bill the first bi-partisan and bi-cameral cryptocurrency legislative effort bordering on taxation.

Advertisement

US Senators Fight For Robust Crypto Regulations

Noteworthy, these senators are some of the core supporters of clear crypto regulations. To a large extent, Sen. Lummis has pushed the United States to adopt cryptocurrencies wholeheartedly.

She once criticized the Department of Justice (DOJ) for its interpretation of regulations surrounding non-custodial software wallets. This followed DOJ’s filing of criminal charges against developers tied to the Bitcoin mixer Samourai Wallet and the Tornado Cash.

Immediately after the Securities and Exchange Commission (SEC) approved spot Ethereum ETF, Sen. Lummis pressed Congress to establish a clear crypto regulatory framework for the industry. Her call for Congressional action came as a result of concerns around market volatility and consumer protection.

The Lummis and Gillibrand duo have spearheaded a couple of other crypto bills in the past. Both lawmakers introduced a significant legislative proposal aimed at regulating stablecoins.

Generally, their effort reflects the headway recorded for clear  regulations in the crypto ecosystem.

Read More: Chevron Case Winning Lawyer Paul Clement Joins Coinbase Board

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms

Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025
  • Bitcoin News

BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF

Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…

October 1, 2025
  • 24/7 Cryptocurrency News

Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?

While the ASTER token has crashed 20% in the last 24 hours, to test the…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill

The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin

The official X account BNB Chain has been compromised, with recent posts promoting a meme…

October 1, 2025