Today, the One Big Beautiful Act passed in the U.S. Senate with a 51-50 vote, the final vote having been cast by Vice President Vance.
After a marathon amendment session, the bill passed without any Bitcoin- or crypto-related amendments included in it.
Senator Cynthia Lummis (R-WY) pushed for a vote on an amendment to the bill that would have provided for a de minimis capital gains exemption on crypto transactions of $300 or less, with a $5,000 yearly cap.
The senator urged Bitcoin and crypto enthusiasts to call their senators to let them know that this issue was important to them.
Leaders in the Bitcoin and crypto industry also spoke up about the importance of this amendment being added to the bill.
BTC Inc. Chairman David Bailey shared on X that “the de minimus transaction exemption is the #1 request from the grassroots bitcoin and crypto community and anyone who stands against it is directly screwing over the 50m Americans that own bitcoin and crypto.”
Gemini co-founder Tyler Winklevoss stated on X that “Passing the de minus transaction exemption for bitcoin and crypto transactions
But alas, Senate Finance Committee Chairman Mike Crapo (R-ID) did not facilitate a vote on the amendment.
Senator Lummis has acknowledged that the proposed amendment was not voted on and said that she plans to continue working with Senator Crapo to pass a law addressing crypto tax treatment.
The senator’s office share the following statement with Bitcoin Magazine:
“Senator Lummis had productive conversations with Chairman Crapo and other Senate Finance Committee members over the last few weeks, and looks forward to continuing her work with the Chairman and the rest of the committee to fix these important tax issues at a later date.”
Senator Lummis did not comment further on when that later date might be.
News source: The One Big Beautiful Act Passes In The U.S. Senate — Without Bitcoin Tax Amendment
Read the full article and more directly from the source!
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