The US Senate has passed a controversial budget bill with sweeping tax cuts, but it still leaves much uncertainty for the cryptocurrency mining industry due to the lack of clear tax incentives.
MAIN CONTENT
The “One Big Beautiful Bill” was approved by the Senate with the deciding vote of Vice President JD Vance, despite deep controversy.
The bill extends 2017 tax cuts, increases military spending and controls immigration, but cuts nearly $930 billion from social programs.
The cryptocurrency mining industry still faces double taxation and lack of support, making mining in the United States face many challenges.
What is the “One Big Beautiful Bill” and how was it passed?
The “One Big Beautiful Bill” budget bill has just passed the US Senate with a 50-50 vote, thanks to the deciding vote of Vice President JD Vance. This event comes amid deep divisions between the two parties, especially on spending activities and tax policy.
The bill went through a marathon 24-hour debate and generated a lot of controversy, from healthcare cuts to artificial intelligence loopholes to policies that were seen as favoring the rich.
What are the main points of the bill?
Backed by former President Donald Trump, the bill seeks to extend tax cuts that began in 2017, while introducing new incentives for tips and overtime, along with big budget increases for the military and immigration controls.
But the bill also cuts nearly $930 billion from social security programs like Medicaid and SNAP, and eliminates many of the Biden administration’s green energy initiatives. Notably, the bill also raises the national debt ceiling by $5 trillion, sparking fierce debate within the Republican Party over how to manage the public debt, which currently stands at $36.2 trillion.
Why doesn't the crypto mining industry get preferential treatment in the bill?
Despite the bill’s many important changes, the cryptocurrency mining sector has been largely ignored in the tax policies. This puts a lot of pressure on miners, who are already subject to double taxation when receiving block rewards and when selling cryptocurrency.
The halving has resulted in a continuous reduction in block rewards, leaving many miners operating at a standstill with low profit margins. Without clear tax incentives or regulatory guidance, many experts believe that the US mining industry will find it difficult to remain competitive and may weaken its position on the global cryptocurrency map.
“For years, miners and stakers have been taxed twice: when receiving block rewards and when selling.”
Senator Cynthia Lummis, 2025
What are the challenges and future of the bill in the current political climate?
Although the bill has passed the Senate, opposition from within the Republican Party remains strong. Figures such as Marjorie Taylor Greene and entrepreneur Elon Musk have also spoken out against it, with Musk even announcing his intention to form a new party to replace the two-party political monopoly.
“America needs an alternative to the two-party coalition so that the people can truly have a voice.”
Elon Musk, 2025
Therefore, the future of the bill in the House of Representatives as well as the path for the cryptocurrency industry remains uncertain given the political conflicts and existing economic challenges.
Frequently Asked Questions
How Does the “One Big Beautiful Bill” Affect the Cryptocurrency Industry?
The law does not provide tax incentives for miners and stakers, putting financial pressure on the industry, according to many blockchain experts.How does the bill increase the debt ceiling and what impact does it have?
The bill raises the debt ceiling by $5 trillion, pushing the debt to $41.2 trillion, raising concerns about the risk of a future national default.Who has the most influence in getting a bill passed in the Senate?
Vice President JD Vance cast the tie-breaking vote in a 50-50 tie that helped the bill pass the Senate.Why were green energy policies cut from the bill?
The bill eliminates Biden administration initiatives to reduce spending and prioritizes strengthening the military and immigration along Republican lines.How did Elon Musk react to this bill?
Musk criticized the bill and planned to form a new party to replace the current two-party model, to protect the people's diverse voices.
Source: https://tintucbitcoin.com/tien-dien-tu-lep-ve-luat-moi/
Thank you for reading this article!
Please Like, Comment and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
