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 to power the future of our economy and ensure the United States remains the world’s premier destination for capital and innovation.”
As the Senate passed the bill, Senator Elizabeth Warren, a Democrat and vigorous critic of the legislation, sent a letter to the leaders of big U.S. tech firms.
“You have spent millions cozying up to President Trump and congressional Republicans, and they now appear ready to return the favor by handing you billions of dollars in tax breaks — with American families footing the bill,” she wrote to the chiefs of companies including Amazon, Meta and Apple. “Your lavish political spending appears to be bearing fruit, and everyday American families will pay the price.”
Read More: Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill
