According to @FoxNews, the U.S. Senate has passed a major budget bill without including a crypto-friendly tax amendment proposed by Senator Cynthia Lummis. The provision would have waived capital gains taxes on smaller digital asset transactions, but its exclusion means the current tax rules remain unchanged for now, a key point for traders to consider. In a contrasting development, President Donald Trump reiterated his pro-crypto stance at a Coinbase summit, promising his administration would work toward creating "clear and simple market frameworks" for the industry. Trump also referenced support for stablecoin legislation and his previously announced, though not yet established, plan for a "US Strategic Bitcoin Reserve." This mixed political signal sees Bitcoin (BTC) trading around $108,183 and Ethereum (ETH) near $2,506, showing relative market stability as traders weigh the legislative setback against potential executive support.

According to @FoxNews, the U.S. Senate has passed a major budget bill without including a key cryptocurrency tax amendment proposed by Senator Cynthia Lummis. The proposed changes, which were not adopted, aimed to significantly benefit crypto traders and investors by waiving capital gains taxes on transactions under $300 and altering the tax treatment for staking and mining rewards to be taxed only upon sale, not acquisition. The source states that this amendment would have addressed what the industry considers unfair double taxation on rewards from staking, mining, airdrops, and forks. Despite lobbying efforts from the digital assets industry, the failure of this provision to be included means the current, less favorable U.S. tax rules for crypto activities remain in place, leaving continued uncertainty for market participants. The budget bill now proceeds to the House of Representatives for further debate and voting.

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, the U.S. Senate has passed a major budget bill without including Senator Cynthia Lummis's proposed amendment to ease cryptocurrency taxation, a setback for the industry. However, the market's focus shifted following a statement from President Donald Trump suggesting that robust economic growth would offset the bill's projected deficits. Crypto analyst Will Clemente reacted by questioning the value of holding long-term U.S. Treasuries and highlighting the bullish case for holding Bitcoin (BTC) and gold as hedges against loose fiscal policy and potential currency debasement. In the wake of these developments, Bitcoin (BTC) traded up to approximately $107,937, with technical analysis from the source indicating support was established near $107,300.