Congressional Budget Bill Passes Senate Without Crypto Tax Changes
The recent passage of the U.S. Senate's "One Big Beautiful Bill" did not include amendments to clarify crypto taxation, despite efforts from Senator Cynthia Lummis.
- Lummis proposed waiving capital-gains taxes on small-scale cryptocurrency transactions.
- The bill passed with a 50-50 vote, requiring Vice President J.D. Vance to break the tie.
- Last-minute lobbying from the digital assets industry failed to secure changes in the bill.
- Lummis plans to pursue standalone legislation for tax reform in the crypto sector.
- The bill aims to overhaul government spending, potentially increasing the budget deficit by over $3 trillion.
- Next, it will go to the House of Representatives, where it may face significant debate.
Senate Majority Leader John Thune highlighted tax relief measures included in the bill. Treasury Secretary Scott Bessent urged quick action from the House to support President Trump's economic agenda.
Senator Elizabeth Warren criticized the bill, accusing tech firms of benefiting from political contributions and gaining tax breaks at the expense of American families.