Senator Cynthia Lummis’ Crypto Tax Amendment Missed as Senate Passes Bill Without Bitcoin Incentives

On July 2, the Senate narrowly approved a significant legislative package proposed by President Trump, yet it notably excluded critical crypto tax amendments that could have provided substantial benefits to the digital asset sector. Despite intense last-minute efforts by crypto advocates and senators, including Wyoming’s Cynthia Lummis, to embed favorable tax provisions for stakers, miners, and institutional holders, the amendments were not incorporated into the final bill. The delay in drafting these provisions until the weekend prior to the vote created procedural challenges, culminating in their omission during the decisive vote cast by Vice President J.D. Vance. Industry experts have characterized this as a missed opportunity to advance regulatory clarity and fiscal incentives for the crypto ecosystem. The outcome underscores the ongoing complexities in aligning legislative processes with the rapidly evolving needs of the cryptocurrency market, highlighting the necessity for continued advocacy and strategic policymaking to support digital asset innovation.