- Senate passed Trump’s bill without crypto amendments.
- Lummis led the crypto-related efforts.
- Crypto market remains unchanged post-vote.
The bill’s passage signifies ongoing challenges in altering crypto tax policies, yet keeps current regulations intact without immediate market disruption.
The Senate’s decision ignored amendments led by Senator Cynthia Lummis, aiming to eliminate double taxation. No market changes emerged as crypto-friendly policies were not embraced.
Donald Trump drives the legislation, yet the bill didn’t include crypto reforms. Nonetheless, Senator Lummis continues pushing for standalone crypto legislation in future sessions.
The bill excludes key crypto tax relief amendments, maintaining existing IRS rules. Stakeholders express disappointment, anticipating newer efforts to reassess the crypto tax landscape.
Senator Cynthia Lummis said, “For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. My amendment aimed to end this practice and to ensure Americans can use digital assets without fear of tax violations.”
Although expectations for immediate reform were dashed, future standalone crypto legislation remains a priority. Observers await upcoming initiatives from Lummis to address these regulatory gaps.
Insiders believe the rejection may slow crypto innovation and adoption in the US, with stakeholders hoping for future policy alignment with industry needs. Data from recent proposals shows a continued divide on crypto taxation handling.
