The Unworkable Law: Why a 2021 Rule Is Causing a Tax Nightmare for the Crypto Industry
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- Lummis seeks urgent crypto tax reform to prevent double taxation on miners and DeFi users.
- 2021 law’s “broker” definition draws criticism for demanding unreachable user data.
- Congress weighs crypto bills as Lummis pushes for reconciliation to ease compliance rules.
U.S. Senator Cynthia Lummis is urging Congress to revise current tax policies affecting Bitcoin and other digital assets, warning that the existing framework imposes unfair burdens on miners, developers, and decentralized finance (DeFi) participants.
In a statement posted on X, the Wyoming lawmaker cited specific flaws in the classification and reporting standards for crypto-related activities, which she argues are obstructing innovation and creating significant compliance challenges across the American crypto sector.
Lummis Highlights “Double Taxation” for Miners and Unfair DeFi Rules
Among the major issues raised, Senator Lummis pointed to the treatment of Bitcoin miners under current tax regulations. She …
The post The Unworkable Law: Why a 2021 Rule Is Causing a Tax Nightmare for the Crypto Industry appeared first on Coin Edition.
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