President Trump's budget bill has passed the Senate without any provisions for the crypto industry, despite some senators' support.
Bill Passed, but Crypto Industry Struggles
On June 1, the U.S. Senate passed a sweeping budget bill; however, it lacks any provisions related to the crypto industry. The over 1000-page bill fails to mention digital assets, Bitcoin, Ethereum, or blockchain, despite attempts by several senators to include supportive measures.
Taxation Issues for Miners and Stakers
Senator Cynthia Lummis called for changes to the tax code regarding crypto mining and staking. She pointed out that miners and stakers face double taxation, once when they receive rewards and again when they sell. Lummis argued that this unfair tax burden should be addressed. CITE_W_A: "For years, miners and stakers have been taxed TWICE. It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower." — Senator Cynthia Lummis.
2024 Elections: Crypto Industry a Major Donor
The crypto industry demonstrated its significance in the November 2024 elections, becoming one of the largest donors, raising over $190 million to support candidates from both parties. This highlights the growing influence of the sector on the political landscape in the U.S.
Despite support from some senators, Trump’s budget bill did not include crucial measures for the crypto industry, leaving it without necessary backing in the current context.
