The U.S. Senate passed President Trump's reconciliation bill but did not include crucial tax provisions for the cryptocurrency industry. Supporters had aimed to include benefits such as tax exemptions for crypto miners, staking rewards, and a de minimis tax exemption for small transactions. Senator Cynthia Lummis (R-WY) advocated for these amendments but ultimately, time ran out during the final deliberations. Proponents of the amendments hoped to clarify tax treatment for rewards generated from staking and allow companies report unrealized crypto gains more flexibly. The legislation’s failure to accommodate these tax proposals represents a missed opportunity, according to industry leaders. However, Lummis's spokesperson expressed optimism that discussions about crypto tax issues would continue within the Senate Finance Committee, acknowledging the importance of these provisions for the digital assets sector.

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