New U.S. Bill Could End Crypto Taxes on Small Daily Purchases
A new U.S bill in the United States could make using cryptocurrency in everyday life much easier. The main part of this proposed law is to stop taxing small crypto transactions. Right now, if someone uses crypto to buy something simple like coffee or groceries, it’s considered a taxable event. But under this bill, purchases under $300 would not be taxed, as long as the total untaxed profits from crypto stay below $5,000 each year.
Easier Rules for Small Crypto Payments
This means people could use cryptocurrencies like Bitcoin or Ethereum more like regular money without worrying about getting taxed every time they spend a little. For example, if someone buys lunch with crypto and the profit from that transaction is less than $300, they wouldn’t need to report it to the IRS.
Starting in 2026, the $300 limit will also be adjusted for inflation. That means the spending limit could go up slightly over time to keep up with the cost of living.
Fairer Taxes for Crypto Miners and Stakers
The bill also includes better tax rules for people who mine or stake crypto. Right now, miners and stakers are taxed when they receive new crypto tokens—even if they haven’t sold them yet. That can create problems, especially if the token’s value drops before they sell.
Under the new proposal, they would only be taxed when they actually sell the tokens. This would help avoid big tax bills on crypto they haven’t turned into real money yet.
Benefits for Crypto Loans and Donations
The bill also wants to make crypto loans and donations easier and less expensive. Right now, lending your crypto to someone else can count as a sale, which means you get taxed. The new law would treat loans as non-taxable, as long as the crypto is returned.
Also, if you donate commonly traded cryptocurrencies to a charity, you currently may need a professional appraisal to know its value. This can be costly and complicated. The new bill would remove that requirement, making it easier to give crypto to good causes.
Supporters Say the Bill Could Boost Innovation
Senator Cynthia Lummis, one of the lawmakers behind the bill, believes it could help the U.S. remain a leader in crypto technology. She estimates the bill could bring in $600 million in government revenue over the next 10 years. But she says the real benefit is encouraging crypto innovation to stay in the U.S. instead of moving overseas.
Although the bill wasn’t included in the latest large spending package introduced by former President Trump, Lummis is still hopeful. She believes the bill has a good chance of passing on its own and is asking the public to share their thoughts during the comment period that is now open.
Disclaimer:
The information provided is for informational and educational purposes only and should not be considered financial, investment, or legal advice. We do not guarantee the accuracy, completeness, or reliability of any information presented. Any financial decisions you make based on this content are at your own risk. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. Investing involves risk, and past performance is not indicative of future results. We are not responsible for any losses or damages resulting from your actions.
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