According to @FoxNews, a significant crypto tax amendment proposed by U.S. Senator Cynthia Lummis was not included in the major budget bill that recently passed the Senate. The proposed measure sought to simplify tax obligations for crypto users by waiving capital gains taxes on transactions below $300, with an annual cap of $5,000. For traders and investors involved in staking and mining, the amendment aimed to resolve what the industry calls unfair double taxation by taxing rewards only when they are sold, rather than upon acquisition and again at the point of sale. The proposal also intended to address crypto lending, charitable contributions, and the wash sale loophole which currently allows for tax-loss harvesting. Despite lobbying efforts from the crypto industry, the amendment failed to make it into the final bill, meaning the current tax rules, including the complex reporting for small transactions and the tax treatment of staking and mining rewards, remain in place for now. The broader budget bill now moves to the House of Representatives for another vote.

According to @WhiteHouse, the U.S. Senate has passed a major budget bill without including Senator Cynthia Lummis's proposed amendment for crypto-friendly tax reforms. The amendment aimed to provide significant relief for crypto users by waiving capital gains taxes on transactions under $300 and altering the tax treatment for staking and mining rewards. The proposed change would have taxed these rewards only upon their sale, rather than at the time of acquisition, addressing a key issue of double taxation for the industry. Despite lobbying efforts, the amendment was not included in the bill, which passed on a narrow 50-50 vote and now moves to the House of Representatives for further debate. This legislative setback for U.S. crypto tax clarity comes as the market shows bullish momentum, with Ethereum (ETH) trading around $2,600 (a 6% increase), Cardano (ADA) near $0.60 (an 8.5% increase), and Solana (SOL) at approximately $155 (a 4% increase) in the last 24 hours, based on provided data.

According to @FoxNews, a significant crypto tax amendment proposed by Senator Cynthia Lummis was not included in the major budget bill that recently passed the U.S. Senate. The proposed changes would have been highly beneficial for crypto traders and investors by waiving capital gains taxes on transactions under $300 and altering the tax treatment for staking and mining rewards. Under the proposal, rewards from staking, mining, airdrops, and forks would only be taxed upon sale, rather than upon both acquisition and sale as under current law. The failure of this amendment to be included means that the current, more burdensome tax regulations remain in place for now, a key consideration for traders calculating profits and for individuals participating in staking. The broader budget bill now moves to the House of Representatives for another vote, but this specific pro-crypto tax measure has suffered a major setback.

According to @WhiteHouse, the U.S. Senate has passed a major budget bill without including a key amendment from Senator Cynthia Lummis aimed at easing cryptocurrency taxation. The proposed changes would have waived capital gains taxes on crypto transactions under $300 and altered the tax treatment of staking and mining rewards to only be taxed upon their sale, addressing what the industry considers double taxation. The failure of this amendment to be included means the current, less favorable tax rules remain in effect, creating continued regulatory uncertainty for traders and investors. This legislative development occurred as the cryptocurrency market saw a downturn, with major assets like Ethereum (ETH), Cardano (ADA), and Solana (SOL) experiencing significant price drops. For instance, the provided data shows SOLUSDT fell by over 5% and ADAUSDT declined by over 5.4% in 24 hours, highlighting potential market sensitivity to U.S. regulatory news.

According to Eleanor Terrett, U.S. Senator Cynthia Lummis is pushing to include a significant crypto tax amendment in a major budget bill. The proposed measure would waive U.S. taxes on crypto transactions under $300, with a yearly cap of $5,000 in total transactions, potentially lowering the barrier to entry for new users. For traders and network participants, the amendment seeks to fundamentally change how rewards from staking, mining, airdrops, and forks are taxed. Citing support from the Digital Chamber lobbying group, the proposal would shift the taxable event from the moment of acquisition to the point of sale, aligning the policy with when income is actually realized. Additionally, the amendment aims to close the wash-sale loophole, which would eliminate the tax-loss harvesting strategy currently used by many crypto investors.

According to @KobeissiLetter, U.S. Senator Cynthia Lummis is pushing a significant cryptocurrency tax amendment that could dramatically alter how digital assets are treated for tax purposes. The proposed measure seeks to waive taxes on small crypto transactions below $300 and, crucially, would change the tax liability for staking, mining, airdrop, and fork rewards to be levied only upon sale, not acquisition, as cited in the report. This addresses a major point of friction for the industry, which argues the current system amounts to double taxation. The amendment also aims to close the wash-trading loophole. Concurrently, President Donald Trump is urging the House to quickly pass the Senate's stablecoin bill (GENIUS Act) without changes. However, Representative French Hill has indicated that key differences between the House and Senate versions on issues like extraterritoriality and agency oversight still require discussion. This legislative push comes as major cryptocurrencies show negative 24-hour performance amidst regulatory uncertainty; Ethereum (ETH) is trading around $2,442.57, Cardano (ADA) at $0.5503, and Solana (SOL) at $147.64, according to provided market data.