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 aimed to provide significant tax relief for crypto users by waiving capital gains taxes on transactions under $300 and altering the tax treatment of staking and mining rewards. The amendment would have taxed these rewards only upon their sale, rather than upon acquisition and again at sale, which the industry views as double taxation. As the provision was not included, the current U.S. tax rules remain in place, meaning small transactions are still subject to capital gains reporting, and staking and mining rewards continue to be taxed as income upon receipt. This legislative outcome maintains the existing tax compliance burdens for traders, stakers, and miners in the United States. The overall bill, which now heads to the House of Representatives, passed the Senate on a narrow 50-50 vote.

According to @EleanorTerrett, the Senate has unanimously passed Senator Ted Cruz's No Tax On Tips bill, as reported by Fox Business. This legislative move, confirmed on May 20, 2025, could influence how digital assets and cryptocurrencies are reported and taxed, especially for service workers increasingly accepting crypto tips. Traders should monitor for regulatory adjustments that may affect the classification and taxation of small peer-to-peer crypto payments, which could drive adoption and increase transaction volume in the cryptocurrency market (Source: @EleanorTerrett, Fox Business).

According to Fox News, the House passed President Trump's 'big, beautiful' budget bill in a late-night session, prompting accusations of cowardice from Democrats over the timing of the vote (Fox News, May 20, 2025). For crypto traders, the bill’s passage signals possible regulatory changes and fiscal policies that could impact digital asset markets, especially as government spending and financial priorities shift. Market participants should monitor upcoming policy details for implications on crypto taxation and federal oversight.

According to The Kobeissi Letter, the IRS is preparing to cut up to 50% of its 90,000 employees. This move may influence market sentiment, particularly in sectors reliant on tax regulation and compliance. Market participants should monitor potential impacts on IRS operations, which could affect cryptocurrency taxation processes and enforcement. (Source: The Kobeissi Letter, AP)