Analysis: The tax exemption provisions for small encryption transactions have still not shown signs of being passed, or the opportunity may have been missed.

On July 1, according to crypto journalist Eleanor Terrett, after more than 24 hours of the amendment process in the U.S. Senate, Senator Cynthia Lummis (the proposer of the Bitcoin reserve bill) still showed no signs of passing her crypto tax proposal. The window for submitting proposals for discussion in the Senate might have already closed or missed the opportunity. Previously, Senator Lummis proposed to include a tax exemption for small crypto transactions in the "Beautiful Law" bill, which includes provisions for tax exemption on small crypto transactions (below $300). This is seen in the industry as a way to streamline the current practice of taxing the core activities of crypto assets—staking and digital asset mining—at both the beginning and end of the activities.