Bitcoin has risen significantly in recent weeks, adding around 50% since its low point in April, as the cryptocurrency market continues to grow and influence traditional industries like SpaceX and OpenAI.
The bill introduced by Senator Cynthia Lummis aims to simplify tax policies for small crypto transactions. The proposed legislation would exempt transactions under $300 from taxes and defer taxes on income generated from mining and staking until coins are sold.
Senator Lummis stated that the bill is “groundbreaking” as it establishes common-sense rules that reflect how digital technologies function in the real world, cutting through bureaucratic red tape. Estimates suggest the bill would generate around $600 million by 2034.
The Trump administration’s pro-bitcoin agenda has been credited with fueling a potential price break out for bitcoin. Bullish traders predict a looming boom, driven by growing ETF and corporate treasury flows, as well as U.S. policy developments.
A recent surge of over $100 billion in bitcoin investment from spot ETFs and bitcoin treasury companies suggests a significant influx of capital into the market. With a total market capitalization of over $2 trillion, bitcoin’s price is poised for a “big” month ahead, according to some analysts.
Source: https://www.forbes.com/sites/digital-assets/2025/07/04/bitcoin-price-on-the-brink-as-congress-introduces-a-new-groundbreaking-crypto-bill