2-7-2025 – Senate approved President Donald Trump’s “One Big Beautiful Bill Act” on Tuesday in a 51-50 vote, but the legislation excluded anticipated cryptocurrency tax amendments, dealing a blow to the crypto industry.
The bill, a cornerstone of Trump’s second-term agenda, passed after a marathon 27-hour session but omitted provisions that would have clarified tax rules for digital assets. Senator Cynthia Lummis of Wyoming led efforts to include amendments offering tax relief for crypto miners, stakers, businesses holding digital assets, and retail users. These provisions aimed to eliminate double taxation on staking and mining rewards and introduce a de minimis exemption for small crypto transactions.
Despite a last-minute push by industry leaders, the amendments were not brought to a vote due to time constraints, as first reported by Decrypt. A crypto policy expert called it a “missed opportunity,” noting that the provisions were finalized too late to be included. The exclusion leaves the crypto sector without clearer tax guidelines, potentially stifling innovation and adoption. The bill, which extends Trump’s 2017 tax cuts and includes $3.3 trillion in deficit spending, now heads to the House for further review.
Crypto advocates remain hopeful but face an uphill battle to influence the final version. Attention now shifts to the House, where lawmakers may revisit crypto tax provisions before the bill reaches President Trump’s desk by his July 4 deadline.
