The Senators want to amend the amendment, which includes some people who will affect cryptocurrencies, and our Senate discusses President Donald Trump’s large tax and spending bill.
Senate Voting – Marama – Legislators Can Propose Amendment This was a quick vote – because a large Republican bill had lasted 17 hours at the time of publication, and senators bidding on both sides included hundreds of amendments.
The vote could enter the early hours of Tuesday, local time in Washington, D.C. due to the bill Trump hopes to pass on Friday, July 4.
The House passed the bill with a 215-to-214 razor in May, and the Republicans’ slim Senate majority may also boil down to the wires in the House of Lords.
Lummis seeks crypto tax amendment
Republican Senator Cynthia Lummis proposes an amendment explain To end the “unfair tax treatment” of cryptocurrencies and meeting “Make sure Americans can use digital assets without worrying about tax violations.”
“Over the years, miners and Starks have been taxed twice. Once received a blocking reward and then sold.”
According to an explanation from Cointelegraph’s Lummis’s office, Lummis’ amendment will exempt crypto transaction taxes under $300, including a total cap of $5,000, including Stablecoins.
Other provisions in the amendment would exclude taxation of most crypto loan agreements and provide for cryptocurrencies earned from airdrops that are not taxable until after sale.
Another provision will also apply the 30-day Wash Sales Rule to cryptocurrency, which will prohibit the sale of digital assets for losses and replace it with similar assets 30 days before the sale.
Political Crypto Promotion Amendment Strike
Earlier Monday, the Senate defeated Democrats. Amendment This would prohibit government officials and their families from providing or promoting a range of digital assets.
The amendment, supported by Democratic Senators Jeff Merkley, Elizabeth Warren and Jack Reed, will ban the president, vice president, congressmen, and many other government officials from owning or promoting cryptocurrencies, Memecoin, Memecoin, sokoin, notken, doken, doken, notible-niber-of-tim-of-bignible notible-nor-docken or stablecoin.
The ban could have extended to the spouses and children of such officials, especially former government employees (such as Elon Musk), for up to a year after their roles ended.
Lummis was one of the MPs who shot down the amendment and Comment On the Senate ground, she appreciates “a concern for morality” but claims that the proposal “will cause serious harm to America’s innovation and competitiveness.”
She added by imposing restrictions on the families of government officials that the amendment was “too far away” and that if the U.S. passed similar laws “in the early days of the internet, we would have a clear message that the U.S. had closed its business.”
Musk promises if Bill passes
Musk, former Trump administration cuts tsars, later enters Online debate In the case of the president’s “large bills”, hatred rekindled, saying on X that if the bill passes, he will form a new party.
“If this crazy spending bill passes, the U.S. party will be formed the next day,” Musk said. Write Monday to X.
“Our country needs to replace Democrats – in public places.”
Related: Trump’s big bill could trigger U.S. debt crisis and Bitcoin boom
Tesla bosses questioned the government spending allowances in the bill, which is estimated to increase by $3.3 trillion over the next 10 years, calling it “disgustingly abominable.”
Musk, the richest man in the world, helped Trump’s campaign but earlier threatened in separate posts that he wanted to get any lawmakers who support the bill to take it away.
“Every member of Congress who is committed to reducing government spending and then immediately vote for the biggest debt increase in history should be ashamed!” Musk wrote.
He added: “If this is the last thing I do on Earth, they will lose their primary school next year.”
Magazine: There is a risk that other countries will “run ahead” on Bitcoin reserves – Samson Cut
