Republican senators in the U.S. Senate narrowly passed a budget reconciliation bill heavily pushed by President Donald Trump. The bill faced strong criticism from many members of both parties over issues such as cuts to healthcare, artificial intelligence regulation, and wealth redistribution through tax cuts.
After more than 24 hours of meetings, the Senate was deadlocked at 50-50 on Tuesday, ultimately passing the "One Big Beautiful Bill Act" with a crucial vote from Vice President JD Vance. All Democratic senators and three Republicans voted against it, and many senators proposed amendments addressing topics such as artificial intelligence regulation and funding for rural hospitals.
During the discussion of the bill, Wyoming Senator Cynthia Lummis stated that she would propose provisions to address what she sees as "unfair tax treatment" of cryptocurrency miners and stakers. However, her proposal was not included in the amendments submitted to the Senate on Monday or Tuesday, and the final bill did not address any cryptocurrency tax-related content.
After the vote, Cynthia Lummis remarked that the bill "is not perfect," but "is an important step in the right direction." The bill will be sent back to the U.S. House of Representatives for consideration of the Senate amendments. Despite the Republicans holding a narrow advantage in Congress, the bill still faces strong opposition from Democrats.
"Donald Trump and congressional Republicans plan to write a $15 billion check to Meta simply because it exists—this money will be paid for by cutting healthcare for millions of Americans," Massachusetts Senator Elizabeth Warren stated on Instagram on Monday. "They care more about helping billionaire corporations than ordinary people."
Related: Musk's xAI secures $10 billion in funding, Trump says he will use DOGE to investigate its business
Original: “U.S. Senate Passes Trump Budget Bill Without Cryptocurrency Tax Provisions”
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