US Senate Passes Trump’s Budget Bill — Crypto Tax Fix Left Out
In a tightly contested vote, the U.S. Senate has passed President Donald Trump’s highly debated budget bill — but without a long-anticipated crypto tax provision. The legislation, known as the “One Big Beautiful Bill Act”, passed 50-50 in the Senate, with Vice President JD Vance casting the tie-breaking vote. The bill now moves to the House of Representatives for further review. No Crypto Tax Relief for Miners and Stakers Senator Cynthia Lummis of Wyoming, a leading advocate for crypto regulation, had proposed a provision to address double taxation of crypto miners and stakers. The issue? Many miners and validators are taxed twice — once when earning rewards, and again when selling them. Unfortunately, that provision didn’t make it into the final version of the bill. “I would have liked to have seen that [provision] in the final product,” said Alaska Representative Nicholas Begich, suggesting there may still be chances to add similar language in future legislation. Senate Divided Over AI, Healthcare, and Wealth Gaps The budget bill sparked strong opposition from both parties. Democrats and some Republicans raised concerns about: Senator Elizabeth Warren criticized the bill sharply, claiming it prioritizes “billionaire corporations” over everyday Americans. What’s Next for Crypto in Congress? Despite the setback on crypto tax reform, the bigger picture remains active: However, most crypto-related legislation will take a backseat while Congress prioritizes budget reconciliation and spending bills. Key Takeaways
