The post Congress’ Budget Bill Advances From Senate Without Crypto Tax Provision appeared on BitcoinEthereumNews.com.

With the U.S. Senate’s passage of the bill meant to carry forward the bulk of President Donald Trump’s policy agenda, last-minute changes to the “One Big Beautiful Bill” didn’t include a proposal to clarify and ease crypto taxation. Though Senator Cynthia Lummis had advocated changes to the U.S. approach to taxing cryptocurrency transactions, including waiving capital-gains taxes on small-scale activity, it wasn’t among the amendments to the bill that narrowly passed on a 50-50 vote on Tuesday in which Vice President J.D. Vance had to step in to break the tie. Senators had worked through the night debating amendment after amendment, most of which failed, on their way toward a Republican success. But Lummis’ amendment wasn’t among them, despite 11th-hour lobbying efforts from the digital assets industry. Her ideas toward what she’s characterized as rationalizing the U.S. tax system and eliminating unfair double taxation on certain crypto matters return to her efforts toward standalone legislation, for now. Her office didn’t immediately respond to a request for comment on the situation. Trump’s legislative package, which would overhaul U.S. government spending in dramatic ways that are currently estimated to increase the budget deficit by more than $3 trillion, isn’t a done deal. It’ll now face a House of Representatives vote on the Senate’s changes, which are expected to meet with vigorous debate there after the House barely passed its earlier version. Senate Majority Leader John Thune made celebratory remarks after the passage on Tuesday, saying the effort is “extending tax relief for hard-working Americans” and will rebuild the military, secure borders and “unleash” the U.S. energy sector. Now, he added, “I hope everyone manages to get some sleep.” Treasury Secretary Scott Bessent issued a statement encouraging Republicans in the House to “act quickly so that we can deliver on President Trump’s promises…

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Filed under: News - @ July 2, 2025 5:19 am