Lummis Dims Outlook for Crypto Tax Legislation in Lame Duck Session

Senator Cynthia Lummis (R-Wyo.) expressed doubts about the passage of cryptocurrency taxation legislation in the current lame-duck session. As one of the Senate's top crypto proponents, she led an early crypto tax framework. However, Finance Committee members are hesitant to revisit the tax code due to concerns that it would open up the entire tax system to revisions.

Lummis referenced the Working Families Tax Cut bill passed by the GOP last year and warned that reopening the tax code could lead to a wide range of competing ideas. She stated, 'Because then the tax code becomes fair game for all kinds of ideas that differ from the Working Families Tax Cut bill.'