#OneBigBeautifulBill Trump's Big Beautiful Bill is extended in the delay as senators block the cryptocurrency clauses. On Monday, the Senate rejected a Democrat-backed amendment that would have prohibited government officials and their families from offering or promoting a range of digital assets.
The amendment, backed by Democratic Senators Jeff Merkley, Elizabeth Warren, and Jack Reed, would prohibit the president, vice president, members of Congress, and other government officials from holding or promoting cryptocurrencies, memecoins, tokens, non-fungible tokens, or stablecoins.
That ban would have extended to the spouses and children of such officials, and particularly to former special government employees, like Elon Musk, for up to a year after their term ended.
Lummis was one of the lawmakers who rejected the amendment and said in her statements in the Senate that she appreciated the 'ethical concerns', but argued that the proposal 'would cause serious harm to American innovation and competitiveness.'
He added that the amendment 'goes too far' by applying restrictions to the families of government officials, and that if the United States had passed a similar law 'in the early days of the Internet, we would have sent a clear message that the United States is closed for business.'
Musk promises to create a new political party if the bill is passed.
Musk, the former government spending czar for Trump, who later became embroiled in an online dispute with the president over the 'Big Beautiful Bill', has reignited controversy by stating on X that he would form a new political party if the bill is passed.
"If this crazy spending bill is passed, the United States Party will be formed the next day," Musk wrote on X on Monday.
"Our country needs an alternative to the one-party Democratic-Republican system."
The head of Tesla has criticized the government's spending allocation in the bill, which is estimated to add $3.3 trillion to the national debt over the next 10 years, calling it a 'repugnant abomination.'
Musk, the richest man in the world, helped finance Trump's campaign, but previously threatened in another post to try to impeach any legislator who supported the bill.
"All members of Congress who campaigned for reducing public spending and then immediately voted for the largest debt increase in history should be ashamed!" Musk wrote.
"They will lose the primaries next year even if it’s the last thing I do on this Earth," he added.#NODEBinanceTGE #NODEBinanceTGE 
