Senate Passes Budget Bill, Crypto Industry Left Out
On June 1, the U.S. Senate approved a massive budget bill. Though, the crypto industry didn’t get any benefits. The bill, backed by Donald Trump, passed with a slim margin.Surprisingly, it lacked any crypto-related provisions.
Notably, the bill didn’t mention “digital assets,” “Bitcoin,” “Ethereum,” “crypto,” “web3,” or “blockchain.” This was despite efforts by crypto-friendly Senators to include tax breaks for the industry. Senator Cynthia Lummis,a crypto advocate,pushed for changes in the tax code for crypto mining and staking. She argued that miners and stakers face double taxation. They pay taxes when they receive block rewards and again when they sell them. Lummis believes this is unfair and hinders America’s potential as a crypto superpower.
Currently, the IRS taxes crypto mining and staking profits as income. Miners and stakers pay taxes twice: @SenLummis.
Miners and stakers seek relief from this taxation. They pay taxes before realizing any profits. Lummis also advocated for tax exemptions for small crypto transactions.
The crypto industry was a major donor in the 2024 elections, raising over $190 million. Despite this, the budget bill didn’t include any crypto provisions.
- Senate passed a budget bill without crypto provisions.
- Senator Lummis pushed for tax breaks for crypto mining and staking.
- miners and stakers face double taxation.
- The industry donated over $190 million in the 2024 elections.
