Senator Cynthia Lummis has introduced legislation aimed at reforming the taxation of Bitcoin and other cryptocurrencies in the United States. The bill proposes to remove capital gains taxes on Bitcoin payments under $300, effectively exempting small crypto transactions from taxation. Additionally, the legislation seeks to end the double taxation faced by Bitcoin miners and stakers, who are currently taxed both when they receive block rewards and when they sell their assets. The bill also aims to align digital asset taxation more closely with traditional financial instruments, promoting fairer tax treatment for lending and donations involving cryptocurrencies. Senator Lummis emphasized the need to stop what she describes as unfair tax treatment to ensure that America remains a leading global power in Bitcoin and crypto innovation. Supporting the legislative efforts, billionaire investor Bill Miller IV publicly questioned the rationale behind taxing Bitcoin, stating that it "doesn’t make a ton of sense" given Bitcoin's unique monetary structure. The proposed changes reflect growing calls within the US to modernize crypto tax policy and reduce burdens on digital asset users and miners.