financetom
Economy
financetom
/
Economy
/
Congress' Budget Bill Advances From Senate Without Crypto Tax Provision
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Congress' Budget Bill Advances From Senate Without Crypto Tax Provision
Jul 1, 2025 11:01 AM

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

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US weekly jobless claims rise more than expected as labor market eases
US weekly jobless claims rise more than expected as labor market eases
May 29, 2025
WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to ease. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on...
Japan eyes US defence gear purchase ahead of another round of tariff talks
Japan eyes US defence gear purchase ahead of another round of tariff talks
May 28, 2025
TOKYO, May 29 (Reuters) - Japan is considering using the purchase of U.S. defence equipment as a bargaining chip in tariff talks, its top tariff negotiator Ryosei Akazawa said on Thursday as he heads for a fourth round of the negotiations in Washington this week. The defence equipment purchase would be among a package of proposals to gain U.S. concessions,...
White House adviser says three trade deals nearly done
White House adviser says three trade deals nearly done
May 29, 2025
WASHINGTON (Reuters) -White House economic adviser Kevin Hassett said on Thursday three trade deals were nearly done and he expected more despite a trade court ruling that blocked most of President Donald Trump's tariffs. There are many, many deals coming. And there were three that basically look like they're done, Hassett said in an interview with Fox Business Network. Hassett...
US Dollar Rises Early Thursday After Trade Court Blocks Trump Tariffs
US Dollar Rises Early Thursday After Trade Court Blocks Trump Tariffs
May 29, 2025
07:38 AM EDT, 05/29/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline versus the British pound, after the US Court of International Trade moved to block most of the Trump Administration's import tariffs on Wednesday, a ruling that will be appealed. Thursday's schedule is relatively busy, starting with the release...
Copyright 2023-2026 - www.financetom.com All Rights Reserved