Senator Lummis presents bill to insert crypto tax definitions to shield micro-payments, validation rewards

Senator Cynthia Lummis filed a bill on July 3 that rewrites multiple sections of the Internal Revenue Code to govern how crypto users calculate, defer, and report taxable income. The measure inserts statutory definitions for “digital asset” and “actively traded digital asset,” classifying any cryptographically recorded unit of value as property unless it merely mirrors […]