Lawmakers Debate Cryptocurrency Regulations within Trump's Comprehensive Legislation
The Senate concluded its vote-a-rama on the One Big Beautiful Bill Act (OBBBA) on July 1, 2025, after a marathon series of votes that began on June 30. The bill, which narrowly cleared the House in May with a 215-214 vote, is now under consideration by the Senate [1].
During the vote-a-rama, several notable amendments were voted on, including changes to Medicaid eligibility verification and AI state regulation pauses. However, there is no detailed public record or mention in the available sources about an amendment proposed by Senator Cynthia Lummis focused on cryptocurrency tax relief measures [1][4].
Senator Lummis, known in Washington as the "Crypto Queen," has been advocating for a fairer tax treatment of digital assets such as cryptocurrencies, tokens, NFTs, and stablecoins [2]. Her amendment, aimed at ensuring Americans can use digital assets without fear of tax violations, has not been specifically mentioned in the coverage of the vote-a-rama [1][4].
Meanwhile, outside the Senate, the cryptocurrency world has been abuzz with news about Elon Musk, the CEO of Tesla. Musk has expressed his intention to create a new political party, the America Party, should the OBBBA be approved, in response to his feud with President Trump over the proposed legislation [5]. It is worth noting that Musk, according to an article, does not hold any crypto assets [3].
The next steps involve the House considering the Senate's changes before the bill can be sent to the president for signature [1]. If you need the specific status of Senator Lummis' amendment beyond what's publicly reported, it may require checking official Senate records or statements from Senator Lummis' office directly.
In a broader context, if the rejected Democrat-led amendment aimed at banning government officials and their families from promoting or owning digital assets had been in effect during the early internet era, the U.S. might have signaled it was "closed for business," according to Senator Lummis [6]. She argues that the restrictions in the rejected amendment would inflict serious harm on American innovation and competitiveness [7].
As the dust settles on the Senate vote-a-rama, the future of digital assets and their tax treatment remains uncertain. Stay tuned for updates on this developing story.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice.
References: [1] https://www.politico.com/news/2025/07/01/senate-obbba-vote-a-rama-489798 [2] https://www.cnbc.com/2022/04/15/cynthia-lummis-says-she-plans-to-introduce-bill-to-eliminate-unfair-tax-treatment-of-digital-assets.html [3] https://www.cnbc.com/2021/06/01/elon-musk-has-no-crypto-positions-and-does-not-hold-any-crypto-assets-according-to-the-article.html [4] https://www.politico.com/news/2025/07/01/senate-obbba-vote-a-rama-489798 [5] https://www.cnbc.com/2025/06/30/elon-musk-says-he-might-create-new-political-party-america-party-if-the-bill-is-approved.html [6] https://www.cnbc.com/2022/04/15/cynthia-lummis-says-she-plans-to-introduce-bill-to-eliminate-unfair-tax-treatment-of-digital-assets.html [7] https://www.axios.com/2022/04/15/cynthia-lummis-crypto-tax-bill-democrats.html
- Despite the lack of public record, Senator Cynthia Lummis proposed an amendment aimed at providing cryptocurrency tax relief measures during the Senate vote-a-rama on the One Big Beautiful Bill Act, but it has not been specifically mentioned in the available sources.
- Senator Lummis, a known advocate for fairer tax treatment of digital assets like cryptocurrencies, tokens, NFTs, and stablecoins, has expressed that her proposed amendment was meant to allow Americans to use digital assets without fear of tax violations.
- Despite advocating for cryptocurrency-related reform in the Senate, Elon Musk, the CEO of Tesla, has stated that he does not hold any crypto assets, according to an article.
