The US Senate passed Trump’s budget bill without including proposed crypto tax relief for miners and stakers.
Author: Akshat Thakur
The US Senate passed President Donald Trump’s flagship budget reconciliation bill on Tuesday in a 50-50 vote, with Vice President JD Vance casting the tiebreaking vote. Despite discussions, the final version of the “One Big Beautiful Bill Act” excluded any language addressing cryptocurrency taxation.
Senator Cynthia Lummis of Wyoming had advocated for reforms to end what she described as “unfair double taxation” on cryptocurrency mining and staking income. However, the proposed amendment did not make it to the Senate floor.
Under current US tax rules, crypto miners and stakers are often taxed twice — once at the time of token issuance and again when those assets are sold. Lummis aimed to include a provision that would defer taxation until disposal, aligning with how other assets are treated.
Despite voicing support for the overall bill after its passage, Lummis acknowledged the omission. “It isn’t perfect,” she stated, “but a major step in the right direction.”
The bill drew sharp criticism from Democrats and even some Republicans. Opponents raised alarms over cuts to healthcare, lack of oversight for artificial intelligence development, and large tax breaks for major tech firms.
Senator Elizabeth Warren criticized the bill for favoring corporate giants. “Donald Trump and Republicans are writing a $15 billion check to Meta, paid for by cutting health care for millions,” she said on Instagram.
The legislation now returns to the US House of Representatives for consideration of the Senate’s changes. With a slim Republican majority in the House, final passage remains uncertain amid partisan disagreements.
While the crypto community hoped for progress on taxation clarity, the omission highlights ongoing challenges in gaining legislative support for digital asset reforms in Washington.
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