U.S. Senate Advances Trump’s Agenda Without Crypto Tax Clarity

The U.S. Senate has passed a bill advancing key elements of former President Donald Trump's policy agenda, but the legislation notably excludes provisions for cryptocurrency tax exemptions. Despite last-minute lobbying efforts, the bill failed to incorporate proposed changes that would have eased tax burdens on small-scale crypto transactions.

Senator Cynthia Lummis emerged as a vocal advocate for crypto tax reform, pushing for capital gains exemptions on minor transactions. Her proposal to exclude payments under $300 from direct taxation aimed to encourage everyday crypto use. However, these measures were rejected during heated Senate debates, leaving the industry without clearer guidelines.

The crypto sector now faces continued uncertainty regarding transaction taxation. Lummis has indicated plans to reintroduce her proposals through separate legislation, signaling ongoing political battles over digital asset regulation.