Senator Cynthia Lummis Introduces Massive Crypto Tax Bill

Senator Cynthia Lummis unveiled a comprehensive crypto tax reform bill, reviving proposals she previously attempted to insert into a larger budget package. The legislation aims to modernize the tax code by shielding small transactions, deferring mining income, and eliminating double taxation for stakers and lenders.

The bill includes a $300 de minimis exemption for personal-use crypto transactions, such as purchases made with Bitcoin. “This provision recognizes the impracticality of tracking every small digital asset transaction,” the bill’s summary stated.

It also introduces clear treatment for lending, marking-to-market, and wash sales of digital assets, placing them on par with traditional securities. Mining and staking rewards would be taxed only upon sale, not upon receipt, defusing prior cash-flow dilemmas for individual validators.

The bill is expected to generate $600 million in net revenue over a decade, according to the Joint Committee on Taxation. Lummis has called for public feedback before pushing the legislation toward President Trump's desk.

Robinhood Defends Tokens After OpenAI Criticism

Robinhood CEO Vlad Tenev clarified that the platform’s new “stock tokens” for OpenAI and SpaceX are derivative-based, not real equity. The statement followed backlash from OpenAI, which said it did not authorize any token representing its shares. Tenev emphasized that the blockchain-based contracts allow users to track valuations but confer no shareholder rights.

The stock tokens, minted on Arbitrum, were introduced at a Cannes crypto event as part of Robinhood’s broader tokenization strategy. European users will be eligible to receive fractional bundles for OpenAI and SpaceX, with future expansion to 200+ assets. OpenAI urged the public to rely on official filings and disavowed any involvement in the tokens' distribution.

Tech Billionaire Peter Thiel To Launch Bank For Crypto Startups

Peter Thiel and other Silicon Valley figures are backing a new bank called Erebor directed at crypto, AI, and defense tech startups, according to the Financial Times. The proposed bank has already filed for a national charter with the Office of the Comptroller of the Currency. Anduril’s Palmer Luckey and Palantir’s Joe Lonsdale are also reportedly involved.

The initiative is meant to replace Silicon Valley Bank, which failed in 2023 and left a gap in startup financing. Erebor will reportedly add stablecoins to its balance sheet and provide financial infrastructure to underserved sectors. The move comes amid increasing regulatory momentum under the Trump administration for crypto and stablecoin integration.

SEC Suspends Grayscale ETF Approval Pending Review

The US Securities and Exchange Commission has paused its approval for Grayscale’s Digital Large Cap Fund to begin trading as an ETF. A letter sent Wednesday to the New York Stock Exchange said the agency will re-evaluate the order after its Trading and Markets Division granted initial approval. The ruling remains on hold until the commission issues a final decision.

The ETF would hold primarily Bitcoin and Ethereum, alongside smaller positions in Solana, XRP, and Cardano. The delay comes as the SEC reviews dozens of similar crypto ETF filings for altcoins including Dogecoin. Grayscale did not comment on the matter, while the SEC maintained silence on specific product reviews.

Data of the Day

Publicly traded Bitcoin mining stocks posted double-digit weekly gains as macroeconomic data boosted investor sentiment ahead of the July 4 holiday. Companies like Riot Platforms, Hut 8, and Bitfarms rose as much as 28% in response to the upbeat nonfarm payrolls report. The S&P 500 and Nasdaq also hit new highs, further fueling the rally.

The Labor Department reported 147,000 new jobs in June, with unemployment falling to 4.1%, exceeding forecasts. Although workforce participation dipped, analysts cited immigration policy changes as a contributing factor. Analysts say the supportive macro backdrop, including potential rate cuts and clearer regulation, continues to benefit the digital asset sector.

More Breaking News

• DeFi Development Corp. boosted its Solana stack to $96M after buying 17,760 SOL using funds from a newly secured $112.5M private placement.
• The first US Solana staking ETF launched with $12M in day-one inflows, offering yield exposure and signaling early institutional curiosity.
• Riot Platforms mined 450 BTC in June worth $49M, though output dipped slightly as it continues shifting capacity toward AI infrastructure.
• The IMF rejected Pakistan’s request to subsidize electricity for Bitcoin mining, citing past failures and potential market distortions.
• Chinese chipmaker Nano Labs added $50M in BNB to its treasury, aiming to eventually hold up to 10% of the token’s total supply.
• A South Korean court ruled Coinone can reclaim duplicated Bitcoin withdrawals from a 2018 glitch that led to unjust customer profits.
• More than 40 fake Firefox extensions mimicking crypto wallets like MetaMask and Coinbase Wallet were tied to a live credential theft campaign.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.