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CoinMarketCap shows Bitcoin price is currently trading at approximately $109,536, falling just short of reaching a recent high of $110,249, with regulatory talks heating up in Washington. As per CoinDesk, Senator Cynthia Lummis has become an advocate for revising crypto tax rules, mainly given that the existing rules classify miners and infrastructure developers as “brokers.”
This classification is characterized by reporting requirements that many in the business believe to be unrealistic. The potential changes come as there is increasing interest in Bitcoin among institutions and growing momentum in the market.
“What we are witnessing is a mere short-term bounce in a longer-term downtrend for the digital asset,“
Kenetic Capital co-founder and managing partner Jehan Chu said. Calls for the legislators to provide clarity follow other attempts to build a sustainable and equitable regulatory framework for cryptocurrency.
The current Bitcoin price is 109536.0 USD, and the change is 267.00 USD (0.00%) in the last 24 hours.
The intraday high-low is between 110249.0 and 108616.0.
Senator Lummis To Push For Bitcoin Tax Overhaul
Flawed Tax Rules Pressure Bitcoin Miners, US Senator Cynthia Lummis lashed out at existing tax policies, which she referred to as “flawed tax rules” targeting the Bitcoin ecosystem, especially miners and DeFi users.
Under existing laws, miners and developers would be classified as brokers under the Infrastructure Investment and Jobs Act and suffer under the crushing reporting requirements it requires.
Miners Get Hit With Double Taxation:
Once on the block reward and another on the sale of coins, while DeFi users can create multiple taxable events without realizing any profit. Lummis urges tax code revisions through reconciliation to clarify the broker definition and to ensure fair Bitcoin tax treatment.
Bitcoin Price and Market Overview
Bitcoin price is still trading strongly, and the digital asset is currently around $109,536, with intraday highs above $110,249. Bitcoin broke through $110,500 earlier this week, driven by excitement over U.S. inflation figures and easing U.S.–China relations.
| Date | Price | Keynote |
| Jun 9–10 | ~$110,500 | Resistance held near all-time highs |
| Jun 11 | $109,536 | Consolidation above $109K |
Analysts caution that the Bitcoin price may pull back if macro data fails to support further gains. Strong resistance lies between $112K and $112K $115K, while catalysts may be needed to sustain upward momentum.
Bitcoin Price Predictions: What Experts Forecast
Prediction models predict more growth for the Bitcoin price:
Changelly forecasts a rise of 12%, with the Bitcoin price being around $123,070 on June 12, 2025.
CoinCodex predicts a 12.31% gain, which would see Bitcoin break $118k by early July.
X bulls are equally enamored with the stock but warn that last time consolidation at record highs led to exhaustion.
The Impact on Institutions: ETFs and Strategic Reserves
Increasing institutional involvement has been supporting Bitcoin’s rally.
Crypto market optimism was stoked further after Bullish, backed by Peter Thiel, confidentially filed for a U.S. IPO.
BlackRock’s IBIT bitcoin fund now contains more than $57.5 billion, indicating increasing demand for responsible bitcoin exposure.
A US Strategic Bitcoin Reserve (March 2025 executive order) of circa 200,000 BTC confiscated by the Treasury. And that posture bolsters the strategic legitimacy of Bitcoin.
Policy Shift: CLARITY, GENIUS, and Crypto Legislation The first few months of 2020 may already be represented as a prime time for crypto regulation.
Congress is considering several bills that would determine the future of Bitcoin regulation. The CLARITY Act aims to clarify the definitions and jurisdiction of assets but has been met with opposition. The GENIUS Act and other bipartisan efforts are vying for crypto tax reform.
Senator Lummis’s push is for Bitcoin-focused changes to be included in larger pieces of legislation, some of which would exempt miners from reporting requirements and would extend wash-sale rules to Bitcoin trades.
Bitcoin Miner and DeFi Tax Perspective
As per current tax rules, Bitcoin miners are required to submit elaborate broker-level reports involving identities and transactions. DeFi users are subject to numerous taxable events for activities like swapping tokens, adding liquidity, and harvesting rewards, regardless of the fact that the net returns are zero.
In a statement to customers, Senator Lummis writes that such tax consequences are a barrier that prevents ordinary people from using Bitcoin tools to build wealth.
Community Pulse from X and Reddit
X and Reddit crypto communities echo frustration with Bitcoin tax complexity and growing optimism for change. This common complaint is that Bitcoin miners, as well as average people, are victims of bad government regulation.
For example, a user here on Reddit pointed out:
“This tax policy is going to kill small Bitcoin miners; nobody can afford the compliance burden.”
X users reflect this sentiment, characterizing Senator Lummis’s efforts as a much-needed “Bitcoin tax sanity check.”
Bitcoin Price, Policy, and Progress
The prevailing price level of Bitcoin at around $109K is indicative of robust demand and macro-resilience. Yet full recovery from record highs hinges on policy clarity and tax fairness.
Lummis’s support for Bitcoin tax reform is indicative of wider legislative activity and strategic reserve plans. If they work, these changes could slash compliance costs, encourage Bitcoin mining, and encourage adoption of Bitcoin by institutional and retail players.
Ongoing Bitcoin price and legislative developments and institutional involvement need to be continuously tracked by market participants navigating this transitional phase of Bitcoin’s market growth.
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Frequently Asked Questions
1. Why are U.S. officials scrutinizing digital currency more closely now?
Senator Lummis contends the current tax rules collectively misclassify developers as brokers and consequently impose too much, potentially stifling, regulation on the digital currency business.
2. What impact do tax laws have on miners and DeFi participants in cryptocurrency?
Miners receive double taxation on rewards and sales, while DeFi users experience several taxable events even if they didn’t make a profit, leading to uncertainty and noncompliance.
3. What will tax reform do to the cryptocurrency space?
Revised policies could foster institutional interest, mitigate legal doubt, and promote the widespread adoption of digital currency within the financial and tech ecologies.
4. What are Senator Lummis’ ideas for digital currency taxation?
She endorses the narrowing of the broker definition through legislative reconciliation to shield miners and developers from severe IRS reporting rules and double taxation.
Glossary of Key Terms
1. Digital Currency
A digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
2. Broker Definition (IRS)
A “broker” under U.S. tax law is a business that must report client transactions to the IRS. In crypto, that has controversially involved miners and developers.
3. Double Taxation
Double Taxation The situation where the same income or property is taxed in more than one jurisdiction. In the world of crypto, W-2 miners could be taxed on the block reward as well as the sale of the asset.
4. What is DeFi (Decentralized Finance)
A banking system alternative based on the blockchain that eliminates intermediaries such as banks. Users transact through smart contracts for lending, trading, and earning rewards.
5. Reconciliation Process
A U.S. congressional legislative process that enables certain budget-related bills to be approved without a 60-vote majority normally required in the Senate.
6. CLARITY Act
The U.S. government’s proposed legislation regarding the definition and regulation of digital assets, especially in terms of forming a clear determination of what makes a security or commodity in the cryptocosm.
7. Infrastructure Investment and Jobs Act (2021)
A federal law that contained measures about taxes on crypto, expanding the definition of the term “broker” and increasing the IRS’s purview over digital currency transactions.
8. Regulatory Pressure Index
A theoretical measure that reflects the extent to which government regulations are perceived as a burden on a sector of a country’s economy. In crypto, it manifests as mounting legal and compliance hurdles.
