Lummis Pushes $300 De Minimis Crypto Tax Exemption to Make Bitcoin Spendable [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
U.S. Senator Cynthia Lummis (R-WY) has reiterated her call for a de minimis tax exemption on everyday cryptocurrency transactions of up to $300. Lawmakers are trying to address the tax exemption proposal so that Americans can use cryptocurrencies like Bitcoin (BTC) as a medium of exchange, Lummis said during an interview with CNBC on March 4. Related: Bitcoin could halve U.S. debt in 20 years, says Senator Cynthia Lummis De minimis crypto tax exemption It was in July last year that the Wyoming senator introduced digital asset tax legislation that seeks to create a new Section 139J to provide a de minimis exemption for crypto gains taxes on crypto transactions of up to $300. The bill includes the $300 threshold with an annual total cap of $5,000. The exemption doesn't apply to these transactions: Exchanging crypto into cash or stablecoins Property used in active trade or business Property held for income production It is nearly impossible to track every crypto transa
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JPM
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- 3/5/26 - Form 424B2
- 3/5/26 - Form 424B2
- JPM's page on the SEC website