The Senate is buzzing about crypto, and it’s all happening amidst the rush to pass a major budget bill. Republicans are pushing for some significant changes that would be great news for crypto investors.
Fairer Taxes for Crypto Miners and Stakers?
Senator Cynthia Lummis is leading the charge. She’s arguing that crypto miners and stakers are getting hit with double taxation – once on their rewards, and again when they sell. She tweeted that this is unfair and wants the US to become a global crypto powerhouse. This aligns with President Trump’s past support for integrating crypto into the US financial system, including a proposed national crypto reserve. Even with some weekend disagreements, discussions about these tax amendments are still ongoing, according to Fox journalist Eleanor Terret.
A Divided Congress
While Lummis pushes for crypto-friendly changes, Senator Jeff Merkley is taking a different approach. He introduced an amendment to prevent officials from profiting from cryptos they own, arguing it’s a conflict of interest. Lummis fought back, saying this would stifle innovation and hinder effective regulation. Merkley’s amendment ultimately failed, highlighting the deep divisions in Congress over crypto regulation.
The Outcome and Bitcoin’s Price
Merkley’s amendment failed in a 47-53 vote. This shows the ongoing debate in Congress about how to handle crypto. At the time of writing, Bitcoin is trading at $107,187, a slight increase this week, but still below its all-time high.