The One Big Beautiful Act was passed in the U.S. Senate by a narrow vote of 51-50, with Vice President Vance casting the final vote. A proposed amendment for a capital gains exemption on crypto transactions was not included in the final bill. Senator Cynthia Lummis advocated for this amendment to benefit small crypto transactions, urging community support. Industry leaders emphasized the necessity of the amendment, but Senate Finance Chairman Mike Crapo did not allow a vote on it. Lummis intends to work with Crapo for future legislation on crypto tax issues.
Senator Lummis pushed for a vote on an amendment for a de minimus capital gains exemption on crypto transactions. The exemption would apply to transactions of $300 or less, with a yearly cap of $5,000.
David Bailey shared that the de minimus transaction exemption is the top request from the grassroots bitcoin and crypto community. He emphasized that those opposing it harm the 50 million Americans invested in bitcoin and crypto.
Tyler Winklevoss stated that passing the de minimus transaction exemption is essential for establishing America as the global hub for bitcoin and crypto.
Senator Lummis acknowledged the amendment was not voted on and expressed intent to collaborate with Senator Crapo to address crypto tax treatment.
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