$300 Crypto Exemption Could Boost US Treasury Revenue

The US Treasury could see an estimated $860 million increase in revenue if a proposed tax exemption for small cryptocurrency transactions is implemented.

Cornell research suggests that exempting personal crypto transactions up to $300 from capital gains tax reporting would simplify tax compliance and encourage more widespread use of cryptocurrencies.

The proposal, backed by Senator Cynthia Lummis, aims to exclude small transactions from capital gains tax reporting, with an annual cap of $5,000 to prevent abuse.