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:
- Cuts to healthcare funding
- Lack of AI regulation
- Tax breaks favoring large corporations like Meta
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:
- The GENIUS Act, which lays groundwork for stablecoin regulation, passed the Senate and is under House review.
- The CLARITY Act, aiming to define digital asset market structure, has cleared committee in the House.
- Representative Begich’s BITCOIN Act of 2025 — proposing a national Bitcoin reserve — is expected to surface later this year or early 2026.
However, most crypto-related legislation will take a backseat while Congress prioritizes budget reconciliation and spending bills.
Key Takeaways
- The U.S. Senate passed Trump’s budget bill without addressing crypto double taxation.
- Senator Lummis’s proposal to protect miners and stakers was left out of the final draft.
- Crypto-friendly laws like the GENIUS and CLARITY Acts are still moving forward, but slowly.
- Lawmakers say there’s still time to include crypto tax reforms in other future bills.
