🏛️ The 'One Big Beautiful Bill' and the legislative process

  • The U.S. House of Representatives approved it in May by a narrow margin of 215–214.

  • The Senate just passed it on July 1, 2025, by a vote of 51–50, thanks to the deciding vote of Vice President JD Vance

  • The bill now returns to the House for reconsideration after the Senate made some amendments.

💸 Pros and cons of Crypto

✅ Potential benefits:

  • Senator Cynthia Lummis proposed eliminating double taxation on mining and staking activities:

  • Small tax exemption: transactions under $300 (total < $5,000/year) are exempt from tax, applicable to stablecoins.

  • Staking/airdrop tax exemption: only taxed upon sale. Crypto loans are also exempt.

  • Anti 'wash sale': prohibits selling and repurchasing within 30 days to recognize a loss.

❌ However:

  • The above proposals were not included in the final version of the bill, leaving the Crypto community disappointed

⚠️ Controversial amendments

  • Some Democratic Senators (Merkley, Warren, Reed) proposed banning government officials (such as the President, Vice President, Congress members) from owning or promoting cryptocurrency, memecoins, NFTs, or stablecoins.

  • This proposal was subsequently rejected, seen as a small victory for the crypto industry

🌍 Reactions from the political/tech community

  • Elon Musk strongly criticized the bill, calling it 'disgusting' due to its spending scale, warning that he would establish a 'American Party' to 'overthrow' supporting lawmakers

  • Elizabeth Warren opposed the $15 billion for Meta, arguing that the bill favors corporations over the public

🔭 The legal future of Crypto

  • Although this major bill does not bring many direct benefits to crypto, there are still other notable bills under consideration:

  • GENIUS Act (stablecoin regulation)

  • BITCOIN 2025 Act (establishing a national Bitcoin reserve)

  • CLARITY Act (Clarifying the framework for digital asset markets) — the Senate is expected to issue its own version before October 2025

✅ Conclusion

The current version of the bill does not provide significant tax benefits for the crypto sector, but the industry has avoided strict regulatory procedures.

Legal advancements (GENIUS, BITCOIN 2025, CLARITY) continue and may be passed by late 2025 or early 2026.

#news $BTC $SOL