The Crypto Industry Is Talking Tax, and the Senate Is Listening

June 23, 2022

On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of crypto that includes important tax relief measures. Tax proposals introduced by Sections 201-206 and 208 of the Act are described below.

Continue reading.