Trump's "Big, Beautiful Bill" Leaves Crypto Industry Out in the Cold

Holy smokes, folks! Trump's so-called "big, beautiful bill" just barely made it through the Senate, but guess what? The crypto world got absolutely nothing out of it. Nada, zilch, zero. On June 1st, the U.S. Senate passed this massive budget bill by the skin of its teeth, but despite Trump's past love affair with crypto, there's not a single crypto-related provision in sight.

Can you believe it? Over 1000 pages of this beast of a bill, and not a single mention of "digital assets," "Bitcoin," "Ethereum," "crypto," "web3," or "blockchain." And get this - even the pro-crypto Senators tried their darnedest to sneak in some tax breaks for the industry, but no dice.

Take Senator Cynthia Lummis, for example. This lady's been shouting from the rooftops about digital assets, and she was pushing hard to change the tax code for crypto mining and staking. She's been saying that miners and stakers are getting royally screwed, taxed twice - once when they get those juicy block rewards, and again when they finally sell 'em. She's been tweeting up a storm about it, saying:

For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It's time to stop this unfair tax treatment and ensure America is the world's Bitcoin and Crypto Superpower. 🇺🇸

Miners and Stakers Cry Out for Tax Relief

Right now, the IRS is treating profits from crypto mining and staking like regular income, taxing it at the current market value when you get it. And then, when miners finally sell their crypto, they gotta report those capital gains and pay a flat rate on their profits. Talk about a double whammy!

Now, some folks might say it's not strictly double taxation, but miners and stakers are screaming bloody murder, saying the system's a total nightmare. They gotta cough up taxes before they even see a dime of profit, or before they can convert any of that sweet crypto to cold, hard cash.

And that's not all - Lummis was also fighting for tax exemptions on those tiny crypto transactions, you know, the "de minimis" rule. We're talking about those little gas fees, small transfers, and the like. Sure, they don't generate much tax revenue, but they're a huge pain in the butt when it comes to reporting.

Here's the kicker - the crypto industry was pouring money into the November 2024 elections, backing candidates from both sides of the aisle. They dropped a cool $190 million on those campaigns. But even with all that cash, they couldn't get a single crypto provision into Trump's big, beautiful bill. What a letdown!