#TRUMP ’s Big Beautiful Bill: Crypto Clauses in the Spotlight 💰

The US Senate is in the midst of an intense vote-a-rama 🗳️, where lawmakers propose and quickly vote on amendments to Trump’s massive tax and spending bill. 🏛️ Senators from both sides are scrambling to include amendments—some with big implications for the crypto world. 🚀

💡 Lummis’ Crypto Tax Amendments

Senator Cynthia Lummis (R) introduced an amendment to address what she calls the “unfair tax treatment” of crypto. 📉💸 Key provisions include:

🛑 Exempting transactions under $300 from taxes (with a $5,000 annual cap)

💼 Excluding most crypto lending from taxes

💎 Airdrops, mining, and staking crypto won’t be taxed until sold

🔁 Wash Sale Rule: The amendment would apply the 30-day wash sale rule to digital assets, preventing taxpayers from selling crypto for a loss and replacing it with similar assets within 30 days.

❌ Failed Amendment: A Democrat-backed proposal to ban government officials and their families from owning or promoting digital assets was rejected. Lummis called it harmful to innovation and competitiveness, arguing it was an overreach. 🚫

⚡ Musk’s Bold Stance

Elon Musk, long critical of the bill, vowed to form a new political party if it passes. 🤯 He condemned the bill as a “disgusting abomination” 💥 and threatened to unseat lawmakers who support it.

⏳ As the Senate session drags on into the night, the final fate of these amendments—and the bill itself—remains to be seen. Trump hopes to have it passed by July 4th. 🇺🇸 Will the crypto clauses make the cut? Stay tuned. 👀

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