In a dramatic 50-50 vote, the US Senate has passed President Donald Trump’s highly debated budget bill, formally titled the “One Big Beautiful Bill Act.” Vice President JD Vance cast the deciding vote, breaking the tie after a marathon session that lasted over 24 hours. The bill, although focused on healthcare cuts, AI regulation, and major tax shifts, excluded a key crypto tax amendment that many in the digital asset industry were hoping for.

Source: Senator Cynthia Lummis

Despite last-minute efforts by Wyoming Senator Cynthia Lummis to introduce a provision addressing the double taxation of cryptocurrency miners and stakers, the final legislation was passed without any changes to crypto taxation laws. As the bill now moves back to the House of Representatives, crypto advocates are left waiting for another opportunity to bring fairness to digital asset taxation.

Crypto Tax Relief Left Out Again

Senator Cynthia Lummis, a long-time crypto supporter, aimed to add a provision in the bill to tackle “unfair tax treatment” for those who mine or stake cryptocurrencies. This issue arises because crypto miners and stakers can be taxed twice, once when they earn coins, and again when they sell them.

Despite strong support from some lawmakers, Lummis’ proposal was not included in the final round of Senate amendments. Lawmakers like Alaska Representative Nicholas Begich expressed disappointment but remained hopeful:

“I think there will be other opportunities for us to get that into a must-pass piece of legislation,” said Begich after the vote.

Lummis herself acknowledged the bill wasn’t perfect but called it “a major step in the right direction” for the broader legislative agenda.

Political Tensions and Controversy

The budget bill has sparked widespread criticism from both sides of the political aisle. All Senate Democrats and three Republicans voted against it, citing major concerns around healthcare funding cuts, AI oversight, and tax breaks favoring large corporations.

The Senate’s tax bill is the most dangerous legislation in modern history—ripping health care from the sick, food from the hungry, and hope from working families, all to shovel more tax breaks to billionaires and corporate executives.

Just despicable. My full remarks.👇 pic.twitter.com/H1IQGyMp1T

— Rep. Jim McGovern (@RepMcGovern) July 1, 2025

One of the most vocal critics was Massachusetts Senator Elizabeth Warren. On social media, she blasted the bill, saying:

“Donald Trump and Republicans in Congress are planning to write a $15 billion check to Meta simply for existing — paid for by cutting health care for millions of Americans.”

Meanwhile, Oregon Senator Jeff Merkley attempted to push through an amendment banning government officials from owning or promoting digital assets, similar to what he proposed in the GENIUS Act. That proposal was also voted down.

GENIUS Act and Other Crypto Laws Still in Play

While the budget bill took priority, several other important crypto-related bills are making progress in Congress:

• The GENIUS Act, focused on regulating stablecoins, passed the Senate on June 17 and is now under review in the House.

• The BITCOIN Act, which proposes creating a national Bitcoin reserve, is expected to be considered late this year or early 2026.

• The CLARITY Act, aimed at establishing a clear regulatory framework for digital assets, passed committee stages in the House.

However, with the budget bill taking centre stage, these crypto-related efforts may be delayed or sidelined for the time being. Representative Begich, one of the crypto law sponsors, confirmed this, saying budgeting exercises will remain the top priority in Congress for the next several months.

What’s Next for Crypto Legislation?

Although crypto tax reform didn’t make it into the budget bill, there is still momentum in Washington to address the growing crypto economy. With several digital asset bills in the pipeline and increasing pressure from lawmakers and the public, it’s likely that crypto issues will return to the floor later in 2025.

Senator Lummis and others are expected to push for crypto tax fairness in future legislative efforts, especially in larger, must-pass bills where such provisions could be more easily added.

For now, miners and stakers will continue to face outdated and double-layered tax rules, but the fight for fair treatment is far from over.

Crypto Reform Delayed, Not Defeated

The passing of Trump’s budget bill without crypto tax reform is a setback, but not the end of the road. With bipartisan interest growing and multiple bills already underway, the crypto community can expect further progress in the months ahead, just not as fast as they hoped. Until then, crypto advocates will need to stay alert as the political battle over digital assets continues in Washington.