The U.S. Senate is pulling an all-nighter, arguing over changes to former President Donald Trump’s massive tax and spending bill, nicknamed the “One Big Beautiful Bill.” One big talking point? Crypto taxes.
⏱️ Vote-a-rama: A Long Night of Lawmaking
Senators have been debating for over 17 hours, with dozens of new amendments being proposed. The vote could go into Tuesday morning, and Trump wants the bill passed before July 4.
The House already passed the bill by just one vote (215–214), and the Senate vote is also expected to be very close.
🪙 Senator Lummis Wants Fairer Crypto Taxes
Senator Cynthia Lummis (R-WY) proposed a crypto-friendly amendment. She says the current tax rules are unfair, especially for people who mine or stake crypto.
Here’s what her amendment suggests:
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No tax on crypto payments under $300, up to $5,000 per year
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No tax on crypto from mining, staking, or airdrops until it’s sold
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Most crypto lending would not be taxed
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The wash sale rule would apply to crypto, meaning you can’t sell at a loss and quickly buy it back to get a tax break
❌ Democrat Amendment to Ban Crypto Promotion Fails
Another amendment, backed by Democrats like Elizabeth Warren, tried to ban top U.S. officials and their families from owning or promoting crypto, including NFTs and memecoins.
That amendment was rejected.
Lummis argued that while ethics are important, this ban would hurt U.S. innovation. She said if we had this kind of rule back during the internet boom, the U.S. might have missed out entirely.
🐘 Musk Says He’ll Start a New Party if Bill Passes
Elon Musk — who used to work with Trump’s team — is not happy about the bill. He’s angry that it would add $3.3 trillion to the national debt over 10 years.
He wrote on X (formerly Twitter):
“If this insane spending bill passes, the America Party will be formed the next day.”
Musk warned he will go after any politician who votes for it:
“They will lose their primary next year if it’s the last thing I do.”
👀 What’s Next?
With crypto tax rules, government spending, and even new political parties on the line, this bill could shape the future of U.S. politics and digital finance. The final vote could happen any moment — and the stakes are high.
Disclaimer: This article is only for
information and not financial advice. The opinions shared here may be the
writer’s personal views. Please do your own research before making any
investment choices. We are not responsible for any money you may lose.
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