The last night in Washington was long as the US Senate approved Trump's budget bill. However, the issue of crypto taxation was overlooked.
Ignoring the Crypto Industry in the Bill
The US Senate passed the "One Big Beautiful Bill Act" by a narrow 50-50 vote. However, it did not include the crypto industry's requested reforms, leading to dissatisfaction among its representatives. Senator Cynthia Lummis from Wyoming advocated for amendments to eliminate double taxation on block rewards, but her initiative was not addressed.
Trump's Ideological War with Opponents
Debates in the Senate confronted philosophical questions about who pays and who benefits. Senator Elizabeth Warren criticized Republicans for intending to allocate $15 billion to Meta, which she argued would compromise the health of citizens. Consequently, cryptocurrency was sidelined in the context of this bill’s passage.
Resistance and Next Steps in Congress
The bill will return to the House of Representatives, where intense opposition is expected. Three Republicans voted against their party in the Senate, making every vote crucial moving forward. For the crypto industry, uncertainties remain, and the community must continue advocating for its interests amid discussions on taxes, healthcare, and new technologies.
The Senate's decision reflects a disregard for cryptocurrency issues, yet Trump's support and his group’s agenda overshadowed the crypto industry. It remains to be seen how events will unfold in Congress and what role crypto innovations will play in the future.
