Overview

• The Senate approved President Trump’s budget reconciliation package on a 50-50 tie, with Vice President J. D. Vance casting the deciding vote and excluding Senator Lummis’s crypto tax amendment.
• Senator Cynthia Lummis led a last-minute push to include a pro-crypto amendment offering a de minimis exemption for transactions under $300, taxing staking and mining rewards only on sale, and introducing mark-to-market accounting for corporate crypto holdings.
• The marathon vote-a-rama stretched through Monday night and early Tuesday, leaving scant opportunity for late-filed amendments in the tightly divided chamber.
• Crypto industry advocates had pressed for the provisions to reduce the burden of calculating capital gains on every small transaction and to eliminate double taxation on staking and mining rewards.
• With her amendment stripped from the reconciliation bill, Lummis will pursue her crypto tax reforms through standalone legislation in the coming months.