Sen. Cynthia Lummis (R-Wyo.) unveiled new legislation Thursday updating tax rules for cryptocurrencies, as Congress continues to move toward establishing a comprehensive regulatory regime for digital assets.

“In order to maintain our competitive edge, we must change our tax code to embrace our digital economy, not burden digital asset users,” Lummis said in a statement.

The crypto tax package would establish a de minimis rule for digital assets, exempting small transactions of less than $300 from taxes, in addition to exempting crypto lending from taxes and deferring taxes on income generated from crypto mining and........

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