Sure thing, here’s a rework of that piece:
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So, get this, Senator Cynthia Lummis from Wyoming just dropped this major digital asset tax bill—like, outta nowhere. Seriously, it’s a real game-changer for Bitcoin and crypto. The whole thing is about cutting through this massive web of tax nonsense that’s been holding back innovation. I mean, isn’t it nuts how slow we’ve been with all this tech stuff?
Lummis is all about making our tax code more with the times. She said something like, “We’ve gotta stop these old-school tax rules from dragging us down.” I think she’s onto something. Sometimes it feels like the tax world’s still using dial-up, y’know?
Now, here’s the juicy part. There’s this de minimis thing in there—sounds fancy, right? It means small gains, up to $300 per transaction or $5K a year, won’t get taxed. And starting in 2026, they’ll adjust for inflation. Thank the crypto gods.
And check this out: crypto lending won’t get hit as a sale anymore. Same for mining and staking—no tax until you sell. It’s like finally giving us a break. Oh, and if you want to donate some Bitcoin to charity, they’re making that smoother too. Just like handing over stocks. Makes it way easier.
They also want to make sure digital assets get the same mark-to-market tax treatment as traditional securities. It’s like, they’re saying crypto is as legit as stocks or whatever. Finally, some fairness.
Oh, almost forgot, the Joint Committee on Taxation says this bill will rake in about $600 million from 2025 to 2034. Not too shabby, right?
Lummis wrapped it up by inviting public feedback. She wants to hear what folks think before this hits the President’s desk. It’s like, finally someone wants to listen to the people. Could this be—dare I say—common sense in politics? What a wild world.
