🇺🇸 Senate Passes “One Big Beautiful Bill” — Web3 Left Out ❌💻Double taxation of crypto remains?
🗳 The U.S. Senate narrowly passed former Trump’s budget bill (“One Big Beautiful Bill Act”) by a 50–50 vote, with Vice President Vance casting the tie-breaking vote.
💰A proposed amendment aimed at ending the double taxation of crypto—specifically taxing mining and staking rewards both when received and when sold—was rejected.
⚖️Senator Cynthia Lummis, a crypto advocate, expressed disappointment that the amendment didn’t make it to the floor.
🌐 Broader Context 🧠📉
The crypto community feels overlooked, as the bill moved forward without resolving what many call a "tax injustice" for miners and stakers.
Lummis argued the amendment was critical for U.S. crypto leadership, but the proposal was ignored.
⚖️ The Political Fallout 🗳️🔥
The debate highlighted party divisions: Republicans favored tax cuts and corporate backing, while Democrats pushed for stronger public services like healthcare.
The bill now returns to the House, where Democrats are expected to challenge it and possibly push crypto amendments again.
🔍 Bottom Line 💡
■What was proposed? 🪙 Eliminate double taxation on crypto mining/staking.
■What happened? ❌ The amendment was quietly rejected.
■What’s next? 📜 The bill heads back to the House for further debate and possible amendment reintroduction.