🚀 Landmark Bill Passes—But Crypto Miners & Stakers Left Hanging as Tax Fix Gets Axed

Lawmakers just bulldozed through a trillion-dollar spending package—while quietly leaving crypto's thorniest tax issue unresolved.

The silent snub: No relief for miners and stakers facing punitive tax treatment.

Buried in the 2,135-page monstrosity? Zero provisions addressing the IRS's controversial 'mining-as-income' stance. Proof-of-work operators now face crushing liabilities—while TradFi banks score yet another backroom win.

Cold comfort: At least Congress didn't make it worse. This time.

Final verdict? Another masterclass in kicking the can—Washington's favorite non-blockchain consensus mechanism.

The bill now heads back to the U.S. House of Representatives, where lawmakers will take up the Senate’s amendments. With Republicans maintaining a narrow majority in Congress, the legislation is expected to encounter strong pushback from Democrats.

Despite the bill’s passage, it has drawn criticism from several lawmakers and high-profile figures across industry and civil society. Among the most notable critics is Tesla CEO Elon Musk, whose once-amicable relationship with President Donald TRUMP has cooled following the president’s endorsement of the “One Big Beautiful Bill.”

Before the legislation cleared the Senate, Musk publicly voiced his opposition, suggesting that its approval could prompt him to launch a new political organization. “American Party,” he proposed, adding that the United States “needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.”

One of Musk’s primary criticisms of the bill is its projected impact on the national debt, expressing concern that the United States cannot afford the additional fiscal burden. “What’s the point of a debt ceiling if we keep raising it?” the Tesla CEO asked in a separate X post. “All I’m asking is that we don’t bankrupt America,” he said in another X post. 

All I’m asking is that we don’t bankrupt Americahttps://t.co/lt22t3EBpp

As debate over the bill continues beyond the Senate chamber, its long-term economic and political implications remain uncertain. Lawmakers, industry leaders, and the public alike will be watching closely as the legislation advances, setting the stage for further clashes over federal spending priorities and the future direction of U.S. policy.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.