Pro Bitcoin Senator, Cynthia Lummis, is hopeful of finding bipartisan agreement towards a favorable crypto tax regulation. She believes that Congress will be able to positively reform the crypto taxation rules. Cynthia’s remarks come during a meeting with crypto executives and policymakers on Clubhouse, on being asked a question regarding the same.
Cynthia Lummis Hopeful on Crypto Tax Reform
Cynthia Lummis is a member of the Republican Party and was sworn into the United States Senate on January 3rd, 2021. She is the first woman to represent the state of Wyoming in the United States. Last month, she joined the Senate Banking Committee.
Lummis is a well-known member of the crypto community, having first purchased Bitcoin in 2013. She expressed enthusiasm towards educating other Senate members and officials on cryptocurrencies.
In the latest discussion with crypto leaders and policymakers on the audio-based social media Clubhouse, Lummis remarked.
“We’re optimistic we can find bipartisan agreement on that issue.”
I’m on Clubhouse! I’m jumping in a room with @BlockchainAssn on 3/3 at 11:00am to discuss financial innovation and digital assets. I’d love for you to join us!
— Senator Cynthia Lummis (@SenLummis) March 2, 2021
Her remarks came in response to a question of whether Congress will pass a proposed law calling for a “de minimis” tax exemption for small cryptocurrency transactions.
The current regulation from IRS specifies that any kind of minor crypto transactions can amount to capital gains. This, in turn, creates unnecessarily complicated taxation procedures that can further limit the usage of cryptocurrencies in day-to-day transactions.
Even though the IRS has made it a number one priority for collecting tax cryptocurrency gains, little has been done on the simplification of cryptocurrency reporting procedures.
Cynthia Lummis First Purchased Bitcoin in 2013
Cynthia Lummis first purchased Bitcoin around 2013 while serving as Wyoming State’s Treasurer. At that time, she was looking into cryptocurrency as an investment strategy for the Permanent Wyoming Mineral Trust Fund.
Lummis’s enthusiasm could help accelerate the passage of crypto taxation reform, which has been proposed in bills before the House of Representatives, although not in the senate. Her home state of Wyoming is known as the crypto-friendliest state in the United States.