The U.S. Senate has passed the reconciliation bill known as the ‘One Big, Beautiful Bill,’ excluding crucial cryptocurrency tax amendments sought by industry advocates. The omission leaves unresolved key issues such as taxation clarity for staking and mining rewards, alongside mark-to-market accounting provisions.
Senator Cynthia Lummis and allied lawmakers pushed for the inclusion of these crypto-specific provisions but failed to secure debate time for proposed amendments. The bill ultimately passed without these measures after Vice President J.D. Vance cast a tie-breaking vote to advance the legislation.
Industry stakeholders now face persistent challenges, including potential double taxation of digital assets and unclear tax guidance for decentralized network activities. Senator Lummis expressed continued commitment to pursuing future legislative solutions despite this setback.
This outcome underscores ongoing regulatory uncertainty for crypto businesses and individuals, who will operate without anticipated tax relief measures indefinitely.