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KPMG article: Lummis crypto bill and White House report on digital assets

Examination of various digital asset tax proposals

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DECEMBER 23, 2025

U.S. Senator Cynthia Lummis (R-WY) in July 2025 introduced comprehensive digital asset tax legislation, and later that month, the White House released a 166-page report titled “Strengthening American Leadership in Digital Financial Technology” that includes various digital asset tax proposals.

Read a December 2025 article* prepared by KPMG LLP tax professionals that examines and compares the various digital asset tax proposals in the Lummis bill and the White House report and provides commentary on the implications of each, including providing an overview of industry issues not addressed by the Lummis bill.

*This article appears in the Journal of Taxation of Financial Products (Volume 22 Issue 3) and is provided with permission.

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