Senate Blocks $300 Crypto Tax Break in 50-50 Vote

- Senate rejects Sen Cynthia Lummis’s $300 crypto tax exemption proposal - Vice President JD Vance casts the decisive vote against the measure On July 1, 2025, the Senate narrowly rejected a cryptocurrency tax amendment from Senator Cynthia Lummis. The vote took place during deliberations on a major reconciliation bill from President Donald Trump's administration. The amendment aimed to address "unfair tax treatment" for digital assets by proposing a $300 de minimis exemption for crypto transactions and seeking to provide clearer tax guidelines for cryptocurrency miners and stakers. The Block reported on July 1 that the amendment failed in a 50-50 tie, with Vice President JD Vance casting the deciding vote against it. Following the vote, Senator Lummis expressed her disappointment but vowed to continue collaborating with the Senate Finance Committee to push for regulatory clarity. Crypto advocacy groups had strongly backed the amendment, organizing campaigns that urged the public to contact lawmakers. Alexander Grieve of the venture capital firm Paradigm commended the bipartisan effort and praised Senators Lummis, Mike Crapo, Tim Scott, and John Thune for championing the changes. The rejection highlights the political divisions surrounding the issue. The reconciliation bill, a centerpiece of the Trump administration’s legislative agenda, now moves to the House of Representatives for further deliberation under the oversight of Senate Majority Leader John Thune. Although this legislative setback is significant for the cryptocurrency community, continuing efforts to revisit tax reform signal that the broader push for regulatory clarity in the industry is far from over.