The US Senate approved a new draft law aiming to move forward a significant portion of President Donald Trump’s policy agenda. Despite the changes made at the last minute, the bill does not contain tax exemption or any clarity for taxation for crypto currency transactions. In particular, although the proposals of changes in taxation of small -scale crypto currency activities came up, they did not find a place in the accepted bill.
Crypto money taxation
Senator Cynthia Lummis has been trying to pioneer changes in the US approach to the taxation of crypto currency transactions from the beginning. Lummis proposed an exemption to remove the capital income tax in small -scale crypto currency activities. However, during the intense discussions in the Senate, this proposal was not accepted. Lummis’s initiatives on this issue did not find any response despite the lobbying of the last minute from the crypto assets sector.
With its own initiative, Lummis, who has been working to make the US tax system more rational and eliminate the double taxation in some crypto assets, plans to return to these goals with a separate law proposal for now. There was no explanation about the current situation from Lummis’s office.
The prepared arrangement aimed to reduce tax burden on small amounts of transactions to expand the use of crypto currency in individual users’ daily purchases. In the studies on the bill, payments below $ 300 are expected to be excluded from direct taxation. In addition, small crypto payments that did not exceed $ 5,000 in a year were also recommended to be part of this exemption. Lummis can soon bring this to the Senate as a detached draft.
Draft Law and next steps
In the Senate, the bill was accepted by 50 to 50 votes, and in this case, the decision of the Vice President JD Vance’s vote. In order for the bill to enter into force, the House of Representatives will have to vote on the changes in the Senate. The first version of the Parliament is expected to be intensely intensely in the first version of the previous version.
Senate majority leader John Thune, said in a statement after the vote, he said: “Our efforts, extending the tax reduction for hardworking Americans, rebuild our army, guarantee the borders and release the US energy sector. Now I hope everyone can rest a little.”
Treasury Minister Scott Bessent said in a statement: uz We hope that the Republicans will move quickly in the Assembly and to ensure that President Trump will fulfill their promises to give power to the future of our economy. Thus, the United States may continue to be the leader center of the world for capital and innovation. ”
Criticism and sector reaction for the bill
Important criticism came to the bill from the Democratic Party. Democratic Senator Elizabeth Warren said that a letter addressed to senior executives of major technology companies. Warren claimed that these companies would receive the value of millions of dollars spent to support Republicans with extensive tax cuts. In his opinion, the technology that will benefit from these regulations is the giants, while the burden will remain on the US families.
Senator Elizabeth Warre :, “You are now rewarded with billions of dollars of tax cuts for getting closer to President Trump and Republicans. Ordinary American families will pay for it”
The bill is positive for crypto currencies because it contains great tax exemptions and contains income flow supporting to the base. Although such expansion steps are contrary to Trump’s arctic policy, it comes to the work of crypto currencies.
Basically, this comprehensive law, adopted in the US Senate, did not contain regulations on crypto currency taxation. It seems likely to come up with additional law proposals in the coming days on crypto beings. While the law envisages significant increases in the budget, it aims to radical changes in government expenditures. Stakeholders and institutions in the sector will continue to be a follower of new regulations according to the current table.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
