Michaela
U.S. Senators have entered a vote-a-rama over a series of amendments to President Donald Trump’s sweeping tax and spending package, widely referred to as the “big beautiful bill”, with Senator Cynthia Lummis pushing to include tax relief measures for cryptocurrency.
The Senate’s ongoing vote-a-rama on the Republican-backed One Big Beautiful Bill Act began at 9:35 a.m. on Monday and has stretched into several hours of continuous deliberation. Lawmakers from both parties have submitted a flood of proposed amendments, aiming to shape the massive tax and spending package before a final vote.
With President Trump pushing for final approval by Friday, July 4, the Senate’s voting marathon is expected to extend into Tuesday. The bill narrowly cleared the House in May with a 215–214 vote, and with Republicans holding only a slight edge in the Senate, the outcome remains highly uncertain.
Senator Cynthia Lummis, widely known in Washington as the “Crypto Queen,” has introduced an amendment she says is designed to eliminate the “unfair tax treatment” of digital assets. The proposal, according to Lummis, would “ensure Americans can use digital assets without fear of tax violations.”
“America leads in financial innovation, and thanks to President Trump, we are keeping it that way!” Senator Lummis wrote in an X post. “I am working on an OBBB amendment to ensure Americans can use digital assets without fear of tax violations. More to come soon!” she added.
The Senate on Monday rejected a Democrat-led amendment that sought to ban government officials and their families from promoting or owning digital assets. Proposed by Senators Jeff Merkley, Elizabeth Warren, and Jack Reed, the measure would have applied to cryptocurrencies, tokens, NFTs, and stablecoins, and extended to spouses, children, and even former special government employees like Tesla CEO Elon Musk for up to a year after leaving office.
Senator Lummis opposed the amendment, acknowledging its “concerns about ethics” but warning it “would inflict serious harm on American innovation and competitiveness.” She argued the restrictions went too far, adding that if similar rules had applied during the early internet era, the U.S. would’ve signaled it was “closed for business.”
In a fresh twist surrounding the “big beautiful bill,” Musk reignited his previous feud with President Trump, sparking a renewed online clash over the legislation.
“If this insane spending bill passes, the America Party will be formed the next day,” Musk wrote on his social media platform, X, signaling his intention to create a new political party should the bill be approved. “Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE,” he added.
In early June, tensions between the Tesla CEO and President Trump escalated publicly, after Musk criticized the proposed legislation. In response, Trump expressed his dissatisfaction and appeared to suggest that the federal government could reevaluate its wide-ranging collaborations with Musk’s companies.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
