President Trump's 'Big and Beautiful Bill' Passes the Senate, but Cryptocurrency Micro-Exemption Bill is Postponed

The U.S. Senate approved the Trump administration's major tax cut bill, the 'Big and Beautiful Bill', on the 1st, but it did not include the proposed tax reforms for cryptocurrencies. The amendment was submitted by Senator Cynthia Lummis.

The amendment aimed to exempt cryptocurrency transactions under $300 from taxes and revise the taxation of mining and staking rewards. However, it did not proceed to a vote and was excluded from the discussion.

Senator Lummis continues to engage in discussions with Mike Crapo, the chairman of the Finance Committee, among others. There remains a possibility that tax reforms could be achieved through future bills or other means.

This tax reform proposal...