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 @GOPMajorityWhip, U.S. Senator Cynthia Lummis is advancing a significant amendment to reform cryptocurrency taxation. The proposal seeks to waive capital gains taxes on crypto transactions under $300, with an annual cap of $5,000, to encourage wider adoption by simplifying tax reporting for small-scale users. A key change for traders and investors involves altering the tax treatment of staking and mining rewards. The amendment proposes that rewards from staking, mining, airdrops, and forks be taxed only when the assets are sold, not upon acquisition as under current rules. This would end the current 'double taxation' structure, aligning tax policy with actual income realization. The legislation also aims to address the wash sale loophole for digital assets and clarify rules for charitable contributions. This effort is part of a broader push to establish clear regulatory frameworks for the digital asset industry, including the GENIUS Act for stablecoins and the BITCOIN Act, to ensure the U.S. remains a leader in financial innovation.