U.S. senators plan to add a tax exemption clause for small encryption transactions in the Big and Beautiful Act.

Odaily News US Senator Cynthia Lummis is attempting to add a key crypto tax amendment to the “Big Beautiful Bill,” proposing to exempt small crypto transactions of no more than $300 each and an annual total not exceeding $5,000 from taxation. At the same time, it is suggested that assets earned from staking, mining, airdrops, and forks be taxed only upon sale to alleviate the “double taxation” issue. The amendment also involves tax reforms related to crypto lending, wash sales, and crypto asset donations. (CoinDesk)