Sen. Cynthia Lummis (R-Wyo.) renewed her push for a de minimis tax exemption that would cover everyday bitcoin transactions of up to $300.
She made the remarks in a CNBC interview on March 4, framing the proposal as a way to make bitcoin more usable as a medium of exchange.
What the exemption would do
Lummis first introduced the digital asset tax legislation in July 2025.
The bill would create a new Section 139J providing an exemption for capital gains taxes on crypto transactions of up to $300, with an annual cap of $5,000.
The exemption would not apply to exchanging crypto into cash or stablecoins, property used in an active trade or business, or property held for income production.
Lummis argued that tracking every small purchase, such as buying coffee with bitcoin, makes compliance unrealistic for ordinary users.
Lummis on making bitcoin spendable
During the interview, Lummis said the policy goal is practical day-to-day use.
She said:
“This is a huge step forward.”
Clarity Act negotiations
Lummis also addressed the Clarity Act, saying Republican members of the Senate Banking Committee have been negotiating with Democrats since September.
She said lawmakers will continue working to get the bill to President Donald Trump.
The Clarity Act aims to distinguish the jurisdictions of the Securities and Exchange Commission and the Commodity Futures Trading Commission over crypto assets.
Kraken master account comments
Lummis also praised Kraken Financial, the Wyoming-chartered banking arm of Kraken, for securing a Federal Reserve Bank of Kansas City master account.
She said master account access would allow direct connection to U.S. payment rails, including Fedwire, and described it as another step toward integrating fiat money with digital assets.
She referenced Wyoming’s Special Purpose Depository Institution framework as the route Kraken used to form its banking arm.
