Senate passes Trump’s massive budget bill, with no mentions of crypto or Bitcoin
2025-07-01 19:45:45
Main Idea
The U.S. Senate passed Trump's budget bill without any provisions related to the crypto industry, despite his past support for it.
Key Points
1. The U.S. Senate passed the budget bill with a narrow margin, but it contained no mention of digital assets, Bitcoin, Ethereum, crypto, web3, or blockchain.
2. Senator Cynthia Lummis advocated for crypto-friendly amendments, particularly regarding tax code changes for crypto mining and staking.
3. The IRS currently taxes profits from crypto mining and staking as income at fair market value, which the industry finds burdensome for tax reporting.
4. The crypto industry was a significant donor in the November 2024 elections, contributing over $190 million to candidates from both parties.
Description
Trump’s “big, beautiful bill” passed the Senate, but without any provisions related to the crypto industry. Trump’s budget bill passed the Senate, but the crypto industry has little to celebrate. On Tuesday, June 1, the U.S. Senate passed the sweeping budget bill, with a razor-thin margin. Yet, despite Donald Trump’s past vocal support for the crypto industry, the bill had no crypto-related provisions. Specifically, there was no mention of “digital assets,” “Bitcoin,” “Ethereum,” “crypto,” “web3...
Latest News
- Belgian Court sentences three for crypto coach’s wife kidnapping2025-07-04 12:19:31
- SOL gets fresh institutional push as Nasdaq-listed firm expands treasury with $2.7m2025-07-04 11:32:52
- Amber International raises over a quarter of $100m goal to boost crypto holdings2025-07-04 11:32:05
- Analysis: Bitcoin could reach $120K in July amid BTC market maturity2025-07-04 11:29:14
- $2.4B lost in 2025 H1 crypto hacks — exchanges and DeFi hit hardest: report2025-07-04 11:16:45