According to @FoxNews, the U.S. Senate has passed a major budget bill without including a crypto-friendly tax provision championed by Senator Cynthia Lummis. The proposed amendment, which failed to make it into the final bill, would have waived capital gains taxes on small-scale cryptocurrency transactions. This legislative outcome is a setback for crypto lobbyists, although Senator Lummis may pursue the measure as standalone legislation. In contrast to the legislative news, President Donald Trump reiterated his pro-crypto stance in a recorded message at a Coinbase summit, promising his administration will work toward "clear and simple market frameworks" for the digital asset industry. Trump also referenced the GENIUS Act for stablecoins and his plan for a U.S. Strategic Bitcoin Reserve. From a market perspective, recent data shows Bitcoin (BTC) trading around $108,662 and Ethereum (ETH) near $2,541, with both assets experiencing minor declines.

According to @GOPMajorityWhip, the U.S. Senate has passed a major budget bill without including a key amendment that would have eased cryptocurrency taxation. The proposal, championed by Senator Lummis, aimed to waive capital gains taxes on small-scale digital asset transactions but was not adopted. Despite this setback for crypto tax reform, the source highlights significant legislative progress in other areas, such as the passage of the GENIUS Act to establish clear regulations for stablecoins. The author emphasizes the continued push for broader market structure reform, including the Lummis-Gillibrand Act, to distinguish between digital asset securities and commodities, and calls for a de minimis tax exemption for everyday Bitcoin (BTC) purchases. This ongoing regulatory uncertainty is set against a market backdrop where Bitcoin (BTC) trades at approximately $106,511, down 0.25% in 24 hours, and Ethereum (ETH) is at $2,441, down 0.5%, reflecting potential trader caution.