As Republicans rush to pass President Donald Trump’s “One Big Beautiful Bill” budget plan, a timely initiative is emerging in Congress that puts cryptocurrency in the spotlight once more.
Lawmakers are seeking to attach amendments aimed at providing significant advantages for cryptocurrency investors, contributing to the ongoing shift in the regulatory landscape for digital assets in the country.
On Monday, Senator Cynthia Lummis, an advocate for the adoption of digital assets, took to social media platform X (formerly Twitter), to voice her concerns about the current tax treatment faced by crypto miners and stakers.
This sentiment resonates with President Trump, who has consistently supported the integration of digital assets into the country’s financial system. His administration has proposed the establishment of the nation’s first crypto strategic reserve, which would include Bitcoin (BTC) and other tokens as part of its framework.
Terret indicated that the White House is advocating for the inclusion of Lummis’s proposed changes in the final version of the bill, demonstrating a concerted effort to galvanize support for the cryptocurrency sector.
Merkley argued that allowing such practices undermines the integrity of governance. “The sale of crypto coins by any of us for financial benefit is corrupting our responsibility to govern by and for the people,” he asserted.
In a pointed remark in Congress on Monday, the pro-crypto Senator noted, “If we’re serious about ethics and financial products, let’s focus on real solutions and all financial products, not just digital.”
As of press time, Bitcoin trades at $107,187, up 2% on the weekly time frame. Despite the short-term recovery for the market’s leading crypto, BTC still trades 4% below its record price of $111,800.
Featured image from DALL-E, chart from TradingView.com
