The U.S. Senate narrowly passed President Donald Trump’s controversial budget reconciliation package early Tuesday morning after a marathon voting session that spanned more than 24 hours.
The “One Big Beautiful Bill Act,” as Republicans branded the legislation, passed in a razor-thin 50–50 vote broken by Vice President JD Vance. All Senate Democrats and three Republicans opposed the measure, citing concerns over proposed cuts to healthcare, lack of AI safeguards, and large tax benefits for tech giants.
Among the debates was an effort from Wyoming Senator Cynthia Lummis, who had pledged to address what she called “unfair double taxation” of cryptocurrency mining and staking rewards. Despite her advocacy, no provisions to reform crypto taxation made it into the final package.
Lummis’ proposal would have established clear tax guidelines for staking and mining income, an issue many crypto advocates have argued stifles industry growth in the U.S.
Lawmakers Trade Barbs Over Priorities and Corporate Tax Breaks
After the final vote, Lummis acknowledged the bill was imperfect but framed it as “a major step in the right direction.” She expressed disappointment that her crypto tax provisions did not advance, while Democrats sharply criticized the broader scope of the legislation.
“Donald Trump and Republicans in Congress are planning to write a $15 billion check to Meta simply for existing — paid for by cutting healthcare for millions of Americans,” said Massachusetts Senator Elizabeth Warren in a pointed Instagram statement.
Separately, Oregon Senator Jeff Merkley tried to attach an amendment to the bill to prohibit federal officials—including the president and members of Congress—from owning or promoting cryptocurrencies. This measure echoed his previously failed attempt to add the same language to the GENIUS Act stablecoin legislation. Merkley’s proposal was voted down during the budget debate.
The legislation now returns to the House of Representatives, where Republicans hold only a slim majority and face continued resistance from Democrats over its tax and spending priorities.
Broader Crypto Legislation Awaits Action
While lawmakers wrangled over the budget, other significant crypto-related bills remained in the pipeline.
The Senate passed the GENIUS Act on June 17, establishing federal stablecoin regulations. The bill is awaiting consideration in the House.
Separately, the House advanced the Digital Asset Market Clarity (CLARITY) Act out of committee in June, but Senate Republicans on the Banking Committee have signaled they plan to draft their own market structure proposal before October.
Meanwhile, vocal critics of the budget plan are emerging outside Washington. Tesla CEO Elon Musk escalated his attacks on lawmakers who backed the bill, promising to unseat them in 2026.
“They will lose their primary next year if it is the last thing I do on this Earth,” Musk declared in a post that quickly went viral on social media.
Quick Facts
- The Senate passed Trump’s budget bill in a tie vote resolved by Vice President JD Vance.
- Crypto tax relief for miners and stakers, championed by Senator Cynthia Lummis, was left out.
- The bill will return to the House, where Democrats have vowed continued opposition.
- Broader crypto legislation—including stablecoin and market structure bills—remains pending later this year.
