Senate Passes Bill Without Key Bitcoin Tax Amendments, Leaving Industry Benefits Uncertain

Key Points

1. The Senate approved the 'One Big, Beautiful Bill' without key crypto tax amendments, despite efforts from Senator Cynthia Lummis and allied senators.

2. Proposed amendments, including clarifications on staking and mining rewards taxation and mark-to-market accounting, were not included due to insufficient time for debate.

3. Vice President J.D. Vance's tie-breaking vote secured the bill's passage without the crypto tax provisions.

4. Senator Lummis remains optimistic about future progress on crypto tax reforms, despite the current setback.

5. The exclusion of these provisions means the crypto industry continues to face challenges like double taxation and lack of clear tax guidelines for decentralized activities.