Mining and staking crypto operators left empty-handed as comprehensive bill gets approved without resolving tax issues.
## News Article: "The 'One Big Beautiful Bill' and its Impact on Crypto Taxation and Miners
The U.S. Senate recently approved the budget reconciliation bill, nicknamed the "One Big Beautiful Bill," in a 50-50 vote, with Vice President JD Vance casting the deciding vote [1]. Despite its passage, the bill did not include any provisions addressing crypto taxation, a point of contention for some lawmakers and industry leaders [1].
### Crypto Taxation Amendments Proposed but Not Included
Prior to the bill's passage, Senator Cynthia Lummis (R-WY) proposed an amendment aiming to provide a de minimis capital gains exemption on crypto transactions of $300 or less, with a yearly cap of $5,000 [1]. However, this amendment was not voted on by the Senate Finance Committee, led by Chairman Mike Crapo (R-ID) [1]. As a result, the current tax treatment for crypto transactions remains unchanged.
### Future Plans for Crypto Tax Reform
Senator Lummis has expressed her intention to continue working with Chairman Crapo to address crypto tax issues in the future [1]. Recently, she introduced a solo bill focusing on tax code adjustments for miners and including a de minimis exemption for digital asset transactions [2].
### Implications for Crypto Miners and Stakers
The lack of crypto-related amendments in the "One Big Beautiful Bill" means that no immediate tax relief is provided for crypto miners or stakers. However, Senator Lummis's ongoing efforts and the introduction of new bills suggest that there may be future legislative changes aimed at easing the tax burden on these groups [1][2].
### Upcoming Crypto Legislation
In addition to Senator Lummis's efforts, the U.S. Congress is planning "Crypto Week" starting July 14, where several crypto-related bills will be considered, including the CLARITY Act and the Anti-CBDC Surveillance State Act [2]. These legislative moves indicate a growing focus on crypto regulation and potential tax reforms in the coming months.
Elon Musk, the CEO of Tesla, has publicly criticized the "One Big Beautiful Bill" [1]. Musk's primary concern about the bill is its projected impact on the national debt [1]. Musk has also suggested launching a new political organization due to his opposition to the bill, named the "American Party" [1].
The debate over the bill is expected to continue beyond the Senate chamber, as it now returns to the U.S. House of Representatives for further action [1]. Lawmakers, industry leaders, and the public will closely watch as the legislation advances, with many expressing concerns about its long-term economic and political implications [1].
- The absence of any provisions addressing crypto taxation in the 'One Big Beautiful Bill' has led to criticism from industry leaders and lawmakers, such as Elon Musk, who has suggested launching a new political organization, the "American Party," due to his opposition to the bill.
- Amidst growing focus on crypto regulation and potential tax reforms, the U.S. Congress is planning "Crypto Week" starting July 14, where several crypto-related bills will be considered, including the CLARITY Act and the Anti-CBDC Surveillance State Act.
- While no immediate tax relief is provided for crypto miners or stakers due to the lack of crypto-related amendments in the 'One Big Beautiful Bill', Senator Lummis's ongoing efforts and the introduction of new bills point towards possible future changes in crypto tax policy and legislation.
