Cynthia Lummis, one of Wyoming’s two U.S. senators, who plans to exit her role in 2027, is reenergizing efforts for a tax break on small cryptocurrency trades during the ongoing Senate discussions on a digital asset market structure bill.

In a recent CNBC interview, Lummis indicated that both the House Ways and Means Committee and Senate Finance Committee are contemplating a $300 exemption aimed at facilitating cryptocurrency transactions without incurring capital gains taxes.

This statement aligns with her earlier announcement regarding a stand-alone bill introduced in July 2025, which advocated for a de minimis tax exemption on crypto transactions totaling less than $300, with a yearly limit set at $5,000.

“We’re working to establish the criteria for determining when a sale — for example, of Bitcoin — should incur capital gains, and when it can simply be treated as a means of exchange like the U.S. dollar,” Lummis remarked. Translation: Estamos trabajando para establecer los criterios para determinar cuándo una venta — por ejemplo, de Bitcoin — debería incurrir en ganancias de capital, y cuándo puede ser tratada simplemente como un medio de intercambio como el dólar estadounidense.

As a member of the Senate Banking Committee, Lummis commented that her Democratic counterparts have yet to endorse the crypto market structure legislation, which was previously approved by the House of Representatives as the CLARITY Act in July 2025.

The committee had initially planned to review the bill in January, but the chair, Senator Tim Scott from South Carolina, postponed the session indefinitely following remarks from Coinbase CEO Brian Armstrong, who stated that the exchange could not back the legislation “in its current form” owing to concerns about tokenized equities.

Lummis is recognized as a prominent advocate for the market structure bill within Congress. However, in December, she announced her decision to not seek reelection to the Senate, with her last term concluding in January 2027.

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Concerns related to the market structure bill, which encompass topics such as tokenized equities, the duties of U.S. financial regulators, ethical issues over possible conflicts of interest, and stablecoin yields, have greatly hindered the legislative progress in the Senate.

Despite these challenges, last week, President Donald Trump utilized social media to call on banking organizations to “finalize a beneficial agreement” with the crypto sector, asserting that banks ought not to use the CLARITY Act as leverage.

As of Monday, the Senate Banking Committee had not yet rescheduled its review of the bill.

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