Senate passes Trump’s massive budget bill, with no mentions of crypto or Bitcoin
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
- XRP price surges as new Ripple ETF nears $250m milestone2025-07-12 08:08:31
- The internet’s new backbone isn’t Big Tech’s cloud—it’s DePIN | Opinion2025-07-12 06:53:27
- RICH Miner’s strategy could bring a stable appreciation of crypto assets every day2025-07-11 23:02:40
- Bitcoin’s breakout isn’t about the Fed, it’s about market structure: analysts2025-07-11 20:49:26
- DDC announces $100m Bitcoin treasury partnership with Animoca Brands2025-07-11 19:38:50