Small crypto payments could see a $300 tax-free de minimis exemption.
U.S. Senator Lummis said large banks should be allowed to offer crypto services under a clear federal framework. In a post on X, she pointed to the Responsible Financial Innovation Act of 2026. Arguing that it brings digital assets into the regulated banking system while protecting consumers. U.S. Senator Lummis is the chair of the Senate Banking Subcommittee on Digital Assets. She said crypto has become part of the financial system. U.S. Senator Lummis added that proper supervision can support growth without weakening safeguards.
Under the 2026 proposal, major banks and depository institutions could provide digital asset custody, staking and payment services. These services would operate under existing banking oversight. Rather than in a regulatory gray area.
Supporters say this approach could lower operational risk for users. They argue that banks already manage complex assets at scale and follow strict compliance rules. As a result, extending those standards to crypto may reduce fraud and operational failures. U.S. Senator Lummis framed the move as practical. She said regulated banks can act as trusted intermediaries for users who want exposure to digital assets. Without relying on offshore platforms.
A core goal of the legislation is to clarify agency roles. The bill draws a line between commodities and securities. Most digital assets, including Bitcoin and Ether, would fall under commodities oversight by the Commodity Futures Trading Commission. Securities linked tokens would remain under the Securities and Exchange Commission.
The framework also addresses stablecoins. Issuers would need full reserves in high-quality liquid assets and must provide regular disclosures. Lawmakers say these rules aim to reduce systemic risk while allowing payment innovation. In addition, the bill proposes tax clarity. Small crypto transactions used for payments could qualify for a de minimis capital gains exemption. Mining and staking rewards would become taxable only when sold.
The proposal drew sharp reactions online. Some market participants welcomed the idea, saying crypto has earned a “seat at the grown-up table.” They argue bank involvement could help crypto scale into mainstream finance. Others pushed back. Critics warned that increased bank control could weaken decentralization.
Some also raised concerns that supervision could favor large incumbents and raise barriers for smaller crypto firms. Policy commentators questioned whether regulators can strike the right balance. They noted that past disputes between the SEC and CFTC show how hard coordination can be. Without consistent enforcement, clarity on paper may not translate into certainty in practice.
The Responsible Financial Innovation Act has appeared in multiple sessions of Congress since 2022. While it has shaped debate, lawmakers have yet to pass it into law. Still, U.S. Senator Lummis’s comments suggest momentum is building ahead of 2026. Whether Congress can align consumer protection, innovation and decentralization remains the open question. Currently, the bill stands as a blueprint for how Washington might finally integrate crypto into the U.S. banking system.
