The U.S. Senate passed a tax bill proposed by Donald Trump that does not include tax relief for cryptocurrencies, highlighting ongoing challenges in the digital asset sector.
Key Points of the Bill
The bill, supported by Trump, passed by a narrow majority in the Senate. Its exclusion of tax relief leaves existing tax treatments for crypto transactions unchanged, creating certain issues for users.
Impact on Crypto Market
The absence of tax relief may negatively impact small-scale crypto transactions and alter investor behavior in this realm. Financial implications include ongoing taxation on crypto mining, staking, and airdrop rewards.
Comments from Senator Lummis
Senator Cynthia Lummis, known for her support of cryptocurrencies, attempted to propose amendments for tax relief. However, her suggested amendment did not pass. She remarked, "For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it."
Trump's tax bill, which excludes tax relief for cryptocurrencies, demonstrates persistent regulatory hurdles and leaves the current tax regime unchanged, potentially negatively affecting the digital asset market.
