With the US Senate’s passage of the bill intended to continue most of President Donald Trump’s political agenda, the last minute changed to the “a big beautiful bill” not a proposal to clarify and ease crypto taxation.
Although Senator Cynthia Lummis had submerged changes in the US approach to taxing cryptocurrency transactions, including waive capital-Gains on small activities, it was not among the changes to the bill that narrowly adopted on 50-50 polls on Tuesday, when Vice President JD Vance had to step in to break the tie.
The senators had worked through the night discussing the amendment after change, most of which failed on their way to a Republican success. But Lummis’ amendments were not among them despite 11 hours of lobbying from Digital Assets Industry.
Her ideas against what she is characterized as the rationalization of the US tax system and eliminating unreasonable double taxation on certain crypto questions return to her endeavors to independent legislation for now. Her office did not immediately respond to a request for comment on the situation.
Trump’s legislative package that would review US government spending in dramatic ways currently estimated to increase the budget deficit by more than $ 3 trillion is not a complete deal. It is now facing a representative house that votes on the Senate’s changes, which are expected to meet with a strong debate there after Parliament hardly passed its previous version.
Senate majority leader John Thune made festive comments after the passage on Tuesday and said the effort “expands tax cut for hard -working Americans” and will rebuild the military, secure borders and “loosen” the US energy sector. Now he added, “I hope everyone manages to get some sleep.”
Treasury secretary Scott Bessent issued a statement calling on Republicans in parliament to “act quickly so that we can deliver President Trump’s promises to run the future of our economy and ensure that the United States remains the world’s leading destination for capital and innovation.”
When the Senate passed the bill, Senator Elizabeth Warren, a Democrat and a powerful critic of the legislation, sent a letter to the leaders of major US tech companies.
“You’ve spent millions on having fun with President Trump and Congress Republicans, and they now seem to be ready to return the benefits of giving you billions of dollars in tax cuts – with American families feeding the bill,” she wrote to the managers of companies, including Amazon, Meta and Apple. “Your lavish political spending seems to have fruit, and American families pay the price everyday.”
Read more: Senator seeks to waive US taxes on small -scale crypto activity in large budget bill
