In a landmark step, US President Donald Trump’s informally known ‘One Big Beautiful Bill’ is now live in the US House of Representatives following a narrow 51 to 50 vote. Worth noting, the 50-50 vote turned to 51-50 after Vice President J.D. Vance cast the tiebreaking vote on Tuesday. The move to finalize the bill in the House was not that easy, as the US Senate went through a marathon 27-hour debate. In the context of a tie in the US, the Vice President has the constitutional power to cast the tiebreaking vote. Now, the bill is one step closer to becoming law.
However, the bill does not include any provision for crypto tax reforms as the time for it has run out.
That one beautiful thing missing from the ‘One Big Beautiful Bill ’ for crypto lovers
For crypto traders and investors, the bill would have been a great relief if the tax amendments had been included. The changes in crypto tax were proposed at the final moment, and by the time the bill moved to the House. Senator Cynthia Lummis has been at the forefront, advocating for the need for a crypto tax amendment. Last month, she wrote on X criticizing the US government’s double tax treatment of miners and stakers. In her words, they have been taxed for years, and apart from paying tax upon receiving block rewards, they had to pay tax for selling the coins received as block rewards.
Senator Lummis also proposed a De minimis exemption, meaning tax exemptions for minor crypto transactions. She also suggested that companies should report their unrealized gains (profit).
The Bill basically includes social security taxes, food benefits, increased deduction of state and local taxes, tax exemption on overtime, tax cuts on clean energy, and more.
Trump had set a deadline to pass the bill on July 4. Before the discussions and final vote, he wrote on Truth Social Platform: “We are on schedule — Let’s keep it going and be done before you and your family go on a July 4 vacation. The American people need and deserve it. They sent us here to GET IT DONE!”
