As the controversy over Trump's 'Big Beautiful' bill reaches its peak, Senator Cynthia Lummis is attempting to add an amendment to reduce taxes for cryptocurrency miners. The White House is reportedly supporting her efforts.
However, these last-minute amendments work both ways. Anti-cryptocurrency and anti-renewable energy amendments could actually harm cryptocurrency miners, and it is uncertain what will be enacted into law.
Trump Bill... Cryptocurrency Impact
It is a difficult time for cryptocurrency miners. Companies are withdrawing their businesses and geopolitical chaos is pulling down the global hash rate to an 8-month low.
Additionally, Senator Cynthia Lummis discovered several apparent discrepancies in these companies' tax obligations. To address this, Lummis is working to add some last-minute amendments to Trump's Big Beautiful bill.
For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.
— Senator Cynthia Lummis (@SenLummis) June 30, 2025
It's time to stop this unfair tax treatment and ensure America is the world's Bitcoin and Crypto Superpower. 🇺🇸
The Big Beautiful bill is a controversial budget reconciliation effort covering various topics. It has passed the House, and the Senate is working hard to provide a feasible version.
Amendments and unofficial negotiations are going back and forth day and night, providing Lummis an opportunity to insert mining tax reform.
Reporters on the ground have claimed that the White House supports Lummis's efforts. Cynthia Lummis has been consistently supporting Trump's policies since before the presidential election.
Strictly speaking, her proposal is quite simple. It removes one tax for US miners when receiving block rewards or selling them. The Big Beautiful bill could be the best opportunity to quickly pass this.
However, the Big Beautiful bill is becoming a complex confusion. As its name suggests, it covers various topics including tax policies, social issues, and AI regulations.
Prominent cryptocurrency supporters like Elon Musk strongly oppose it. Like Lummis, several anti-cryptocurrency senators are trying to pass their amendments at the last minute.
In other words, Senator Lummis cannot make the bill entirely pro-cryptocurrency with a single amendment. Moreover, even if Trump supports her efforts, he has many other priorities.
For example, White House spokesperson Caroline Rabbit discussed the Big Beautiful bill at today's press conference, stating that Trump is dissatisfied with Jerome Powell. In this situation, including tax cuts for cryptocurrency miners is likely to be pushed to a very low priority.
In conclusion, it is almost impossible to determine whether Lummis's tax reduction will survive negotiations. In fact, depending on the successful amendment, the Big Beautiful bill could harm cryptocurrency miners.
