US Senate Republicans push to include cryptocurrency in tax and spending bill

According to Semafor, Republican Senator Cynthia Lummis of Wyoming is pushing to add provisions to her party's tax and spending bill to reform the way the United States taxes cryptocurrencies. The core content includes extending the "washout rules" of securities trading to the cryptocurrency sector, which is expected to generate billions of dollars in tax revenue, while exempting Bitcoin miners from the obligation to declare profits and losses. Lummis submitted a tax reform plan jointly developed with Senator Kirsten Gillibrand to Mike Crapo, Chairman of the Senate Finance Committee. Lummis emphasized that the current tax system has flaws that need to be corrected, while Gillibrand believes that the legislative timing is not yet ripe. Members of the Finance Committee have consulted with President Trump on the content of the bill, and Louisiana Senator Bill Cassidy revealed that the president is concerned about the "work account benefits" clause. If passed, this proposal will become the first systematic cryptocurrency tax framework in the United States.