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.
Another provision would also apply the 30-day wash sale rule to crypto, which would ban selling a digital asset for a loss and replacing it with a similar asset 30 days before or after the sale.
Political crypto promo amendment shot down
Earlier on Monday, the Senate shot down a Democrat-backed amendment that would have prohibited government officials and their families from offering or promoting a range of digital assets.
The amendment — backed by Democratic Senators Jeff Merkley, Elizabeth Warren and Jack Reed — would ban the president, vice president, members of Congress and a host of other government officials from owning or promoting a cryptocurrency, memecoin, token, non-fungible token or stablecoin.