Trump’s “Big Beautiful Bill” Spurs Last-Minute Senate Push for Crypto Tax Breaks

De Minimis Exemption for Small Crypto Transactions

The most anticipated part of the amendment is a so-called de minimis exemption for capital gains taxes on small crypto payments. Under current law, even buying a burger with Bitcoin requires users to calculate gains and losses for the IRS.

Lummis’s proposal would waive taxes on transactions below $300, with an annual cap of $5,000 in total exempt transactions. Industry advocates say this would remove a major headache and unlock crypto’s potential as an everyday payment method.

It would eliminate much of the burden of working out capital gains for small-scale crypto activity, crypto lobbyists argue, making it easier for hesitant users to try digital assets without fear of complicated tax filings.

Fixing Double Taxation on Staking and Mining Rewards

Another key part of Lummis’s amendment would end the double taxation that crypto miners and stakers currently face.

Today, rewards earned from staking or mining are taxed twice: once when they’re received (even if they’re held), and again when they’re eventually sold. The amendment would fix this by taxing rewards only at the point of sale—aligning the policy with actual income.

The Digital Chamber, a leading U.S. crypto lobbying group, called the move “a long overdue correction” to ensure rewards from staking and mining are taxed fairly and in line with other forms of income.

Supporting Mark-to-Market Accounting for Companies

Lummis’s proposal also includes a mark-to-market accounting provision for companies that hold crypto on their balance sheets. This would give businesses more flexibility in how they report the changing value of their crypto holdings—even when those gains are unrealized.

With more public companies buying Bitcoin, Ethereum, and Solana to boost their balance sheets, clearer tax rules could further encourage institutional adoption.

Addressing Wash Sales and Other Tax Loopholes

Besides staking, mining, and payments, the amendment may tackle wash-trading loopholes. Current rules let crypto investors harvest tax losses by quickly selling at a loss and immediately repurchasing the same assets. Lawmakers have sought for years to close this gap.

Lummis’s measure could finally address that strategy, bringing crypto closer to traditional securities in terms of tax compliance.

Last-Minute Push Amid a Chaotic Legislative Process

The timing is tight. The Senate is deep in an unlimited amendment process known as a “vote-a-rama,” with Republicans urgently trying to hold their party together while Democrats remain united in opposition.

Crypto advocates see this as a “Hail Mary” opportunity to get the tax reforms into the bill before votes wrap up. As of Monday afternoon, amendments were still being debated behind closed doors, with rumors swirling about what might make the final cut.

Political Stakes and Uncertain Outcome

The amendment’s fate remains up in the air. Any change passed in the Senate would have to survive further House negotiations, where the bill narrowly passed last month. Analysts say the broader measure could add over $3 trillion to the U.S. budget deficit, adding to the controversy.

Even if Republicans unite behind Trump’s agenda, they face tough votes over potential cuts to Medicaid, green energy initiatives, and other hot-button issues—all while crypto advocates race to secure this one last win.

For U.S. crypto users and companies alike, the next few days could decide whether long-promised tax relief finally becomes reality. From small everyday transactions to institutional accounting rules, Senator Lummis’s amendment represents a rare chance to modernize America’s approach to digital assets—and shape the country’s role as a potential “Bitcoin and Crypto Superpower.”