US Senator Lummis’s crypto tax relief plan fuels DeFi momentum: Finance Redefined

Increasing US regulatory clarity is enabling more traditional finance participants to seek out decentralized financial solutions.

US Senator Cynthia Lummis submitted a draft bill on Thursday proposing to exempt certain crypto transactions from taxation and defer taxes on mining and staking rewards until the underlying tokens are sold.

“My legislation ensures Americans can participate in the digital economy without inadvertent tax violations,”  said Lummis.

The senator’s draft bill was published three weeks after the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, passed the Senate in a 68–30 vote on June 11, Cointelegraph reported. 

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