Washington D.C. – In a dramatic session that stretched over 24 hours, the U.S. Senate has passed a sweeping budget reconciliation bill championed by President Donald Trump. However, the crypto industry is marking this as a significant missed opportunity, as a crucial amendment aimed at easing the tax burden on miners and stakers was ultimately excluded from the final legislation.
The bill, dubbed the “One Big Beautiful Bill Act,” squeaked through on a razor-thin 50-50 vote, with Vice President JD Vance casting the decisive tie-breaking vote. The legislation, which now returns to the House of Representatives for approval of the Senate’s amendments, has drawn sharp criticism from Democrats and even some Republicans over concerns about cuts to healthcare, tax breaks for corporations, and AI regulation.
A key point of contention for the digital asset space was the failed effort by Wyoming Senator Cynthia Lummis, a vocal crypto advocate. She had suggested adding a provision to address what many in the industry see as unfair double taxation for cryptocurrency miners and stakers. Despite her efforts, the amendment never made it to the Senate floor for a vote.
Following the vote, Alaska Representative Nicholas Begich expressed his disappointment to Cointelegraph but remained optimistic. “I would have liked to have seen that [provision] in the final product,” he stated. “I think there will be other opportunities for us to get that into a must-pass piece of legislation.”
Senator Lummis herself acknowledged the bill’s shortcomings, commenting that it “isn’t perfect” but still represents “a major step in the right direction.”
The bill’s passage highlights a stark political divide. Senator Elizabeth Warren of Massachusetts lambasted the legislation in an Instagram post, accusing the administration of prioritizing corporate interests over citizens. “Donald Trump and Republicans in Congress are planning to write a $15.000.000.000 check to Meta simply for existing — paid for by cutting health care for millions of Americans,” she said.
Meanwhile, other crypto-related legislative efforts are being overshadowed by the budget battle. According to Representative Begich, crucial bills like the GENIUS Act for stablecoins, the BITCOIN Act of 2025 to create a national reserve, and the CLARITY Act for market structure will likely take a backseat until the budget is finalized.
“These are significant pieces of legislation, but they will take a backseat to the budgeting exercises,” Begich explained, signaling a longer wait for a comprehensive U.S. crypto regulatory framework.
An amendment by Oregon Senator Jeff Merkley, which proposed a ban on government officials owning or promoting digital assets, was also voted down, indicating the complex and often contradictory path of crypto policy in Congress.
