Senators Add Crypto Amendments to Big Beautiful Bill
Senate Vote-a-Rama Extends ‘Big Beautiful Bill’ Debate
U.S. senators have entered a prolonged vote-a-rama over President Trump’s massive tax and spending package, aiming to include hundreds of amendments—among them key digital asset provisions. The marathon session has stretched well into the night as lawmakers from both parties jockey to shape crypto policy before the July 4 deadline.
Timeline and Thresholds
The One Big Beautiful Bill Act, approved by the House in May by a narrow 215–214 margin, now faces a similarly tight Republican majority in the Senate. Debate and amendment votes could run into the early hours of Tuesday in Washington, D.C., with the White House pushing for final passage by Friday.
Lummis Proposes Targeted Crypto Tax Relief
Senator Cynthia Lummis put forward an amendment to end what she calls the “unfair tax treatment” of digital assets. Her plan would:
Exempt crypto transactions under $300 (capped at $5,000 annually) from taxation, including stablecoin trades
Defer taxation on airdrops, mining, and staking rewards until assets are sold
Exclude most crypto lending agreements from taxable events
Apply the 30-day wash-sale rule to digital assets to curb loss-replacement tactics
Bipartisan Ban on Official Crypto Promotion Fails
A Democratic amendment sponsored by Senators Jeff Merkley, Elizabeth Warren and Jack Reed—which sought to bar the president, vice president, members of Congress and their families from owning or promoting digital assets—was defeated. Critics argued it would chill innovation and unfairly target public servants’ relatives.
Musk Threatens New ‘America Party’
Elon Musk reignited his feud over the bill, warning on social media that he would form a new “America Party” if the spending package passes. He criticized the estimated $3.3 trillion debt increase and vowed to challenge lawmakers who back the legislation in future primaries.