The proposed cryptocurrency tax amendment, which had the potential to be a significant win for advocates, was unfortunately not included in President Donald Trump’s much-publicized ‘Big, Beautiful Bill.’ Despite this setback, Senator Cynthia Lummis, R-Wyo., remains undeterred and is committed to advancing the provision.
The amendment, championed by Sen. Lummis, aimed to address the “unfair tax treatment” of digital assets. Lummis stated on Tuesday that she would continue to push for her proposal, expressing optimism about the productive conversations she has had with the Senate Finance Committee Chairman, Mike Crapo, and other committee members.
The proposed amendment included a de minimis exclusion, setting a $300 threshold, and guidelines for taxing cryptocurrency miners and stakers. Crypto advocacy groups have long been lobbying for changes in how cryptocurrency is taxed, with a particular emphasis on a de minimis exemption.
The vote ended in a 50-50 tie, with Vice President JD Vance casting the deciding vote. Ahead of the vote, crypto experts encouraged the public to reach out to lawmakers, including Senate Majority Leader John Thune, to express their support.
Alexander Grieve, vice president of government affairs at Paradigm, expressed his gratitude to @SenLummis, @MikeCrapo, @SenatorTimScott, & @LeaderJohnThune for their efforts, and to the community for their support. He reassured everyone that they would find another way to get the job done.
The reconciliation bill will next proceed to the House, with President Trump’s Friday deadline fast approaching.
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