- The Trump-backed ‘One Big Beautiful Bill’ has narrowly passed the US Senate, in a 50-50 vote. The bill now returns to the House for further debate.
- Senator Cynthia Lummis had suggested she would propose amendments to the legislation to address double taxing of crypto miners and stakers, but these amendments didn’t materialise.
- Former Trump sidekick, Elon Musk, vowed on X to unseat any legislator who supported the bill “if it is the last thing I do on this Earth”.
Republicans have just barely managed to pass the Donald Trump-backed ‘One Big Beautiful Bill’ through the US Senate to advance the contentious legislation, which now returns to the US House for another round of debate.
The Senate vote on July 2 was split 50-50 with all Democratic senators and three Republicans opposing its passage. The deciding vote was cast by Vice-President, J.D. Vance.
The bill passed without pro-crypto Senator Cynthia Lummis’ amendments, which she claimed would have addressed the unfair tax treatment of crypto miners and stakers. In the days before the vote Lummis had suggested on X she would seek to include changes to the bill to prevent crypto miners and stakers from being subject to what she called double taxation.
For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.
Senator Cynthia LummisBut ultimately, Senator Lummis’ proposed changes didn’t appear in the list of amendments brought before the Senate and the legislation that passed didn’t include any reference to crypto taxation. Following the Senate’s vote, Lummis said that while the bill “certainly isn’t perfect, it’s a major step in the right direction”.
Related: Bitcoin Faces $100k as Trump-Musk Spat Turns Ugly and HODLers Take Profit
Oregon Democratic Senator Jeff Merkley proposed an amendment to the bill seeking to prevent senior government officials, including the president and vice-president, from owning and promoting cryptocurrencies. This amendment was voted down by the Senate.
The ‘One Big Beautiful Bill’ has been widely criticised by both sides of US politics for its enormous tax cuts for the rich, a historically large increase in government debt, and cuts to essential services such as Medicaid.
Even Elon Musk, the man who claimed to love Donald Trump “as much as a straight man can love another man”, has attacked the bill. Musk also vowed to ensure anyone who voted for the bill “will lose their primary next year if it is the last thing I do on this Earth”.
Crypto Legislation on Back Burner as Congress Focuses on Budget Bill
It seems the House will prioritise finalising the ‘One Big Beautiful’ vote before Trump’s July 4 deadline, meaning progress on crypto legislation such as the GENIUS Act and the BITCOIN Act could be temporarily stalled.
Speaking to Cointelegraph, Senator Nicholas Begich of Alaska said the BITCOIN Act, which would establish a strategic Bitcoin reserve and which the Alaskan senator sponsored, would likely not be considered until late this year or early next:
There’s a lot of activity scheduled for the floor, and these are significant pieces of legislation, but they will take a backseat to the budgeting exercises and the budget reconciliation exercises that are ongoing.
Senator Nicholas BegichRelated: Democrats Accuse SEC of “Hiding the Ball” in CLARITY Act Briefing
Meanwhile passage of the CLARITY Act, which would clarify crypto market structure and the roles of various regulators in overseeing the market, may be delayed until the start of October after Republican leaders in the Senate Banking Committee suggested they may seek to draft their own version of the bill.
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