Today, Senator Lummis unveiled a bill that would enable U.S. citizens to spend up to $300 worth of bitcoin on goods and services, with a yearly cap of $5,000, without having to pay capital gains taxes on the transactions.

The proposed legislation also stipulates that the threshold for spending will be adjusted for inflation starting in 2026.

Such provisions were initially conceptualized as an amendment that Senator Lummis pushed to have included in the One Big Beautiful Bill (OBBB), but wasn’t.

In the wake of Senate Finance Committee Chairman Mike Crapo not putting Senator Lummis’ amendment up for a vote in the marathon amendment session for the OBBB that occurred…

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