The US Senate approved President Trump's large reconciliation bill, but key crypto tax exemptions were excluded. Pro-crypto senators, led by Cynthia Lummis, tried to add amendments offering tax relief for miners, stakers, and retail users, but ran out of time.
The proposed changes would have taxed staking and mining rewards only upon sale. They also included allowing mark-to-market accounting for unrealised gains and introducing a de minimis exemption for small transactions.
Industry leaders called the omission a missed opportunity. Senator Lummis remains optimistic, saying discussions with Senate Finance Committee members will continue to address crypto tax issues in future legislation.
