The U.S. Senate has passed the “One Big Beautiful Bill,” a sweeping legislative package supporting much of former President Donald Trump’s economic agenda, but left out a key proposal to reform crypto taxation. Despite late-stage lobbying efforts from the digital assets industry, Senator Cynthia Lummis’ amendment to ease capital gains taxes on small-scale cryptocurrency transactions was not included in the final version of the bill. The legislation narrowly passed on a 50-50 vote, with Vice President J.D. Vance casting the tie-breaking vote.
Lummis had pushed to modernize U.S. tax policy for crypto, seeking to prevent double taxation and promote fair treatment of digital asset users. While her amendment failed to make the cut, her efforts are expected to continue as part of separate legislative initiatives. Her office has yet to comment.
The bill now moves to the House of Representatives, where it faces an uphill battle. The Senate’s revised version is expected to ignite further partisan debate, particularly over provisions that would expand military spending, boost domestic energy, and deepen the national deficit by over $3 trillion.
Senate Majority Leader John Thune praised the bill as a victory for American taxpayers and energy independence. Treasury Secretary Scott Bessent urged House Republicans to pass the measure quickly, emphasizing its importance for economic growth and innovation.
Meanwhile, Democratic Senator Elizabeth Warren criticized the legislation in a letter to major tech CEOs, accusing them of using political influence to secure corporate tax breaks at the expense of working families. She highlighted lobbying from companies like Amazon, Meta, and Apple as evidence of a growing imbalance in policymaking.
With crypto tax clarity left unresolved, the industry remains in limbo as legislative priorities shift toward broader economic reforms.
