According to @cas_abbe, a significant pro-crypto tax amendment proposed by Senator Cynthia Lummis was not included in the major budget bill that recently passed the U.S. Senate. For traders and investors, this is a notable setback as the amendment sought to provide substantial tax relief. Key proposals included waiving capital gains taxes on crypto transactions under $300 and, critically, changing the tax treatment for staking and mining rewards. The proposed change would have taxed these rewards only when they are sold, rather than upon both receipt and sale, which the industry argues constitutes unfair double taxation. The amendment also aimed to address rules for wash sales, crypto lending, and airdrops. With the proposal's failure to be included, the current tax framework remains in place, leaving crypto investors and miners without the anticipated regulatory clarity and financial relief. The main budget bill now proceeds to the House of Representatives for another vote.

According to @KobeissiLetter, U.S. Senator Cynthia Lummis is pushing a significant crypto tax amendment within a major budget bill that could dramatically impact traders and stakers. The proposal aims to waive taxes on crypto transactions under $300 and, crucially, change the tax treatment for staking and mining rewards, so they are only taxed upon sale rather than acquisition. This change, supported by industry groups like the Digital Chamber, would align the tax policy with actual income realization and could lower the barrier to entry for new users. The amendment also seeks to close the wash-trading loophole for crypto assets. Concurrently, progress on a U.S. stablecoin bill faces potential delays. While President Trump has urged the House to quickly pass the Senate-approved GENIUS Act without changes, Representative French Hill indicated that key differences with the House's STABLE Act still require negotiation. Amid these legislative developments, the crypto market shows a slight downturn, with Ethereum (ETH) trading around $2,442, Solana (SOL) near $148, and Cardano (ADA) at approximately $0.55, all reflecting minor 24-hour losses.

According to @FoxNews, U.S. Senator Cynthia Lummis is pushing for a significant cryptocurrency tax amendment in a major budget bill that could dramatically alter the landscape for traders and investors. The proposal aims to tax staking and mining rewards only when the assets are sold, not upon acquisition, which could significantly increase the appeal of staking assets like Ethereum (ETH), Cardano (ADA), and Solana (SOL) by deferring tax liabilities. Furthermore, the amendment seeks to create a tax waiver for crypto transactions under $300, with a $5,000 annual cap, potentially lowering the barrier for retail adoption and increasing micro-transaction volume. However, the legislation also intends to close the wash-sale loophole, which would eliminate a popular tax-loss harvesting strategy used by many crypto traders. This legislative effort faces political headwinds, as Senator Adam Schiff has introduced a separate bill, the COIN Act, to prohibit officials like President Trump from engaging in crypto ventures, creating uncertainty for broader market regulation. These developments come as the market shows signs of weakness, with ETH, ADA, and SOL all posting 24-hour losses against the US dollar.

According to @EleanorTerrett, the U.S. crypto market faces two pivotal legislative developments with significant trading implications. Senator Cynthia Lummis is pushing a major amendment to a budget bill that could dramatically benefit crypto holders and traders by waiving taxes on transactions under $300 and, crucially, changing the tax rules for staking and mining rewards to be taxed only upon sale, not acquisition. This could boost the profitability of staking assets like Ethereum (ETH) and increase retail adoption. The source indicates this amendment also aims to address wash trading rules and crypto lending taxes. Concurrently, Senator Adam Schiff, despite being a crypto ally, has introduced the COIN Act to prohibit officials like Donald Trump from issuing digital assets, reflecting Democratic concerns over potential conflicts of interest. This introduces political uncertainty that could complicate the path for broader crypto market structure bills. While the market shows consolidation, with ETH trading around $2,490 and SOL at $155, the outcomes of these legislative efforts represent major potential catalysts.