With the adoption of the bill by the American Senate intended to advance most of the political agenda of President Donald Trump, the last minute changes to the “Big Beautiful Bill” did not include a proposal to clarify and facilitate cryptographic taxation.
Although senator Cynthia Lummis advocated changes to the American approach to tax cryptocurrency transactions, including the derogation of capital gains taxes on small-scale activities, was not among the amendments to the bill which narrowly adopted a vote of 50 to 50 Tuesday in which the vice-president JD Vance had to intervene to interrupt the draw.
The senators had worked overnight by debating the amendment after the modification, most of which failed, on their way to a republican success. But the Lummis amendment was not among them, despite the 11th hour lobbying efforts in the digital asset industry.
Her ideas towards what she characterized as rationalizing the American tax system and eliminating unfair double taxation on certain questions of crypto returns to her efforts towards autonomous legislation, for the moment. His office did not immediately respond to a request for comments on the situation.
Trump’s legislative package, which would revise the American government in a dramatic way which are currently estimated to increase the budget deficit by more than 3 dollars, is not a case concluded. He will now face a House of Representatives votes on changes in the Senate, which should meet a vigorous debate after the Chamber has barely adopted its previous version.
The head of the majority in the Senate, John Thune, made festive remarks after the passage on Tuesday, claiming that the effort “extended the tax alternatives for the Americans who work hard” and will rebuild the military, secure the borders and “unleash” the American energy sector. Now he added: “I hope everyone can sleep.”
The Secretary of the Treasury, Scott Bessent, published a statement encouraging the Republicans in the House to “act quickly so that we can keep the promises of President Trump to offer the future of our economy and to ensure that the United States remains the world’s leading destination for capital and innovation.”
While the Senate adopted the bill, Senator Elizabeth Warren, a democrat and vigorous criticism of the legislation, sent a letter to the leaders of large American technological companies.
“You have spent millions of people by bringing President Trump and the Republicans of the Congress, and they now seem ready to make the same by giving you billions of dollars in tax loss-with American families who are based on the bill,” she wrote to business leaders, including Amazon, Meta and Apple. “Your sumptuous political expenses seem to bear fruit, and the American families will pay the price.”
Read more: the senator seeks to give up American taxes on small -scale cryptographic activity in Big Budget Bill
