The image depicts Bitcoin coins in the foreground with the U.S. Capitol building in the background, symbolizing the intersection of cryptocurrency and government

Key Takeaways:

The U.S. Senate passed a budget bill without including proposed reforms to cryptocurrency taxation, despite advocacy from Senator Cynthia Lummis.
Amendments targeting crypto, including restrictions on government officials owning digital assets, were rejected during the legislative process.
Broader crypto legislation, including the GENIUS Act and BITCOIN Act, is delayed as budget priorities dominate the congressional agenda.

The U.S. Senate has passed the “One Big Beautiful Bill Act,” a budget reconciliation bill backed by President Donald Trump, with Vice President JD Vance casting the tiebreaking vote in a 50-50 decision.

Despite calls for reform, the legislation excludes any provisions related to cryptocurrency 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 Lummis (@SenLummis) June 30, 2025

Senator Cynthia Lummis had proposed eliminating what she described as “double taxation” on crypto miners and stakers, but her amendment was not included in the final version.

The bill, which has drawn criticism for cutting healthcare and favoring corporations, now heads to the House of Representatives, where strong Democratic opposition is expected.

Senator Elizabeth Warren condemned the bill, saying it “writes a $15 billion check to Meta” at the expense of millions of Americans’ healthcare.

Senator Jeff Merkley introduced an amendment to ban top government officials from owning or promoting digital assets, mirroring the GENIUS Act, but it was also voted down.

Meanwhile, broader crypto legislation remains on hold due to budget priorities.

Bills like the BITCOIN Act, GENIUS Act, and stablecoin regulation proposals are unlikely to advance soon.

The House has passed the Digital Asset Market Clarity (CLARITY) Act out of committee, while Senate Republicans aim to draft their version by October.