Senate Approves Trump’s Budget Bill, Omits Crypto Provisions
The U.S. Senate narrowly approved President Donald Trump’s expansive budget bill on Tuesday, June 1, but it included no measures related to the cryptocurrency industry. Despite Trump’s previously expressed support for digital assets, the legislation—spanning over 1,000 pages—contained no references to “Bitcoin,” “Ethereum,” “crypto,” “blockchain,” or “Web3.”
Efforts by pro-crypto lawmakers to include industry-specific provisions were unsuccessful. Senator Cynthia Lummis, a prominent supporter of digital assets, had pushed for changes to the tax treatment of crypto mining and staking. She highlighted the issue of double taxation, where participants are taxed both when receiving block rewards and again when converting them.
The omission is a setback for the crypto industry, which had hoped for regulatory relief and recognition in one of the year’s most significant pieces of legislation.