Senator Lummis to Work With Treasury on Bitcoin Tax Guidance, Hints At Potential Exemption
Senator Lummis will collaborate with the Treasury Department to seek clarity on Bitcoin taxation, including a potential de minimis exemption.Summary
Senator Cynthia Lummis (R-Wyo.) indicated her willingness to meet with Treasury Secretary Scott Bessent's office to explore clearer guidance on Bitcoin taxation, specifically addressing a de minimis exemption for small transactions and rules for calculating capital gains on assets bought at various prices. This discussion occurred during a Senate Banking, Housing and Urban Affairs Committee hearing on the Financial Stability Oversight Council's annual report, where Bessent also supported passing the proposed *Clarity Act* for digital assets and suggested market participants who oppose regulation should relocate, perhaps to El Salvador. Furthermore, Bessent confirmed that the U.S. government has no authority to bail out Bitcoin, cannot direct banks to hold crypto, and will stop selling seized Bitcoin, instead adding it to a Strategic Bitcoin Reserve.
(Source：Bitcoin Magazine)