Senate Passes Budget Bill Without Crypto Tax Relief

The U.S. Senate narrowly passed President Trump's 'One Big Beautiful Bill Act' (OBBBA) with Vice President Vance breaking a 51-50 tie, but key pro-crypto tax amendments proposed by Senator Cynthia Lummis, including a de minimis capital gains exemption and relief for staking and mining rewards, were excluded from the final legislation. This exclusion is seen as a setback for the digital asset industry, leading to minor declines in major cryptocurrencies and continued tax complexity for users. Despite the setback, broader economic measures in the bill, such as significant tax cuts and the return of 100% bonus depreciation, offer some optimism for future crypto investment. Senator Lummis and other industry advocates have pledged to continue pushing for crypto tax reforms in upcoming legislative sessions. The bill's debate has at least raised crypto tax issues with influential Senate Finance Committee members, keeping the conversation alive for future policy changes. For now, crypto traders and investors must continue navigating the existing complex tax environment.