U.S. Senate deliberations over President Donald Trump’s massive tax and spending package could stretch through the night, as lawmakers race to attach a flurry of amendments — including several that target cryptocurrency regulation.
The Senate’s “vote-a-rama” — a marathon session where senators can propose and vote on amendments in rapid succession — has been underway for 17 hours at the time of writing. Both Republican and Democratic lawmakers are scrambling to push hundreds of proposed changes to the bill, formally known as the One Big Beautiful Bill Act.
Voting could extend into the early hours of Tuesday in Washington, D.C., with Trump pressuring Senate leaders to pass the legislation before the July 4 deadline.
The bill narrowly passed the House in May with a 215–214 vote. With Republicans holding only a slim majority in the Senate, the final outcome remains uncertain and could hinge on just a few key votes.
Lummis Proposes Amendments to Address Crypto Taxation
Republican Senator Cynthia Lummis introduced an amendment aimed at ending what she described as the “unfair tax treatment” of cryptocurrency, saying it would help ensure Americans can use digital assets without fear of running afoul of tax laws.
“For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.”
According to a briefing document from Senator Lummis’ office reviewed by Cointelegraph, the amendment would exempt crypto transactions under $300 from taxes, up to a total of $5,000 per year — including payments made with stablecoins.
Additional provisions would shield most crypto lending agreements from taxation and clarify that digital assets earned through airdrops, mining, or staking would not be taxed until they are sold.
Another provision would extend the 30-day wash sale rule to crypto, preventing investors from selling digital assets at a loss and repurchasing the same or a similar asset within 30 days before or after the sale.
Crypto-related political promotion amendment rejected
On Monday, the Senate rejected a Democrat-backed amendment aimed at restricting government officials and their families from promoting or investing in various digital assets.
The proposal, introduced by Democratic Senators Jeff Merkley, Elizabeth Warren, and Jack Reed, sought to ban the president, vice president, members of Congress, and other senior government officials from owning or endorsing cryptocurrencies, memecoins, tokens, NFTs, or stablecoins. The restriction would have also applied to their spouses and children, as well as former special government employees — such as Elon Musk — for up to a year after leaving their positions.
Senator Cynthia Lummis, who opposed the amendment, acknowledged ethical concerns but argued that the measure would cause “serious harm to American innovation and competitiveness.” Speaking on the Senate floor, Lummis said the amendment “goes too far” by extending restrictions to officials’ families and warned that, had similar laws existed during the early days of the internet, the U.S. might have signaled that it was “closed for business.”
Musk vows to launch new political party if bill is enacted
Elon Musk, formerly Trump’s government cost-cutting czar and a past critic of the president over the so-called “Big Beautiful Bill,” has rekindled their feud. Posting on X, Musk declared he would launch a new political party if the controversial spending bill becomes law.
“If this insane spending bill passes, the America Party will be formed the next day,” Musk wrote on Monday.
“Our country needs an alternative to the Democrat-Republican uniparty.”
Tesla CEO Elon Musk has sharply criticized the government spending outlined in the bill, which is projected to add $3.3 trillion to the national debt over the next decade, calling it a “disgusting abomination.”
Musk, the world’s wealthiest individual and a major financial backer of Trump’s campaign, previously warned in a separate post that he would work to unseat any lawmakers who support the bill.
“Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!” Musk wrote.
“They will lose their primary next year if it is the last thing I do on this Earth,” he added.
