US Senate Approves Trump’s Budget Bill Without Addressing Cryptocurrency Taxation
The US Senate narrowly passed President Donald Trump‘s budget reconciliation bill, known as the ‘One Big Beautiful Bill Act,’ without provisions for cryptocurrency taxation. Wyoming Senator Cynthia Lummis had proposed amendments to prevent double taxation for crypto miners and stakers, but these were excluded from the final bill.
Key Details of the Budget Bill Vote
- The bill passed 50-50, with Vice President JD Vance casting the tie-breaking vote
- All Democratic senators and three Republicans opposed the legislation
- The bill returns to the House of Representatives for further consideration
Political Response to the Legislation
Massachusetts Senator Elizabeth Warren strongly criticized the bill, arguing it prioritized corporate interests over healthcare for millions of Americans. The legislation has sparked intense debate regarding its potential impact on healthcare funding, AI regulation, and economic policy.
Implications for Cryptocurrency Regulation
The absence of crypto tax provisions leaves uncertainty for miners and stakers. As the bill moves to the House, where Republicans hold a slim majority, further amendments could still address cryptocurrency taxation concerns. Industry experts suggest this development may delay clarity on crypto tax policy until future legislation.
