A cryptocurrency tax provision that would have scored big for advocates ultimately didn’t make it into President Donald Trump’s “big, beautiful bill,” passed out of the Senate on Tuesday.
The amendment, proposed by Sen. Cynthia Lummis, R-Wyo., would have targeted “unfair tax treatment” of digital assets. On Tuesday, Lummis said she planned to still work on getting her provision across the finish line.
“I had productive conversations with Chairman [Mike] Crapo and other Senate Finance Committee members over the last few weeks, and I look forward to continuing to work with the Chairman and the rest of the committee to fix these important tax issues at a later date,” Lummis said in a statement sent to The Block.
The provisions would set a de minimis exclusion, setting a $300 threshold and including language on how miners and stakers should be taxed. Crypto advocacy groups have been pushing for changes on how crypto is taxed, particularly focused on a de minimis exemption.
The vote was 50-50, with Vice President JD Vance casting the tie-breaking vote.
Ahead of Tuesday’s vote, crypto pundits urged people to call lawmakers, including Senate Majority Leader John Thune, and voice their support.
“Ran out of time to include the crypto tax title in BBB,” said Alexander Grieve, vice president of government affairs at Paradigm in a post on X on Tuesday. “A huge thank you to @SenLummis for championing it, and @MikeCrapo, @SenatorTimScott, & @LeaderJohnThune for trying to make it happen. And to everyone in the community who made calls yest. We’ll get it done another way.”
The reconciliation bill next heads to the House as Trump’s deadline on Friday looms.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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