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US Senate discussions over President Donald Trump’s mega tax and spending bill could go all night as senators look to tack on amendments, including some that would affect crypto. The Senate’s vote-a-rama — where lawmakers can propose amendments that are rapidly voted on — for the Republicans’ One Big Beautiful Bill Act has been going on for 17 hours at the time of publication, with senators on both sides bidding to include hundreds of amendments. The voting could go into the early hours of Tuesday, local time in Washington, D.C., as Trump wants the bill passed by Friday, July 4. The House passed the bill in May with a razor-thin 215 to 214 vote, and the Republicans’ slim Senate majority means it could also come down to the wire in the upper chamber. Lummis seeks crypto tax amendments Republican Senator Cynthia Lummis put forward an amendment she said was aimed at ending the “unfair tax treatment” of crypto and would “ensure Americans can use digital assets without fear of tax violations.” “For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.” Lummis’ amendment would waive taxes on crypto transactions under $300 with a $5,000 yearly total cap, including stablecoins, according to an explainer sheet from Lummis’ office seen by Cointelegraph. Other provisions in the amendment would exclude most crypto lending agreements from being taxed and stipulate that crypto earned from airdrops, mining and staking is not be taxable until sold
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Bitcoin (BTC) rebounded by as much as 14% after plunging to a four-month low near $76,600 on March 11. But BTC price is down approximately 25% from its record high of around $110,000, which is normal for a “bull market correction.” Still, some analysts anticipate the Bitcoin price declines to continue in the future. “Dark cloud” hints Bitcoin is topping out Bitcoin faces renewed bearish pressure after rejecting at $87,470, the descending channel resistance, with a “dark cloud cover” pattern reinforcing the downtrend, according to an analysis shared by GDXTrader on X.$BTC #BitcoinTreasuryWatch
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