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The Coin Rise 2025-07-02 09:39:35

US Senate Passes Contentious Budget Bill Amid Crypto and AI Disputes

US Senate Passes Contentious Budget Bill Amid Crypto and AI Disputes

The United States Senate has narrowly passed a budget reconciliation bill strongly backed by President Donald Trump, following a tense 50-50 vote on Tuesday that required Vice President JD Vance to break the tie. The “One Big Beautiful Bill Act” faced criticism across party lines, with concerns centered around potential healthcare cuts, artificial intelligence regulation gaps, and redistribution of wealth through tax adjustments favoring large corporations. All Senate Democrats and three Republicans opposed the bill, pushing for amendments to address rural hospital funding and clearer guidelines for regulating artificial intelligence systems. Despite the debate, the bill moved forward without substantial changes, setting the stage for further discussions in the House of Representatives, where Republicans hold a slim majority. Crypto Taxation Left Out During the debate, Wyoming Senator Cynthia Lummis suggested adding provisions to correct what she described as the “unfair tax treatment” of cryptocurrency miners and stakers in the United States. However, these proposed changes did not make it to the floor in the final amendments, leaving the crypto community waiting for clarity on taxation issues. “I would have liked to have seen that [provision] in the final product,” Alaska Representative Nicholas Begich said, expressing disappointment but optimism that crypto tax provisions could be included in future critical legislation. Lummis, reflecting on the outcome, stated the bill “isn’t perfect” but is still “a major step in the right direction.” Meanwhile, Massachusetts Senator Elizabeth Warren criticized the bill for prioritizing corporate tax cuts over healthcare, accusing Trump and congressional Republicans of writing a “$15 billion check to Meta” while cutting healthcare for millions of Americans. Senate Banking Committee’s Steps Ahead The budget bill’s passage will delay other significant crypto and digital asset legislation, including the GENIUS Act and the BITCOIN Act of 2025. Although the Senate approved the GENIUS Act on June 17, which will now move to the House, Begich noted that these bills will take a backseat until budget reconciliation processes are completed. Begich indicated that discussions around creating a national Bitcoin reserve could resume later this year or early next year, while the House has already moved the CLARITY Act, focused on digital asset market structure, out of committee. However, the Senate Banking Committee is expected to draft its own version of the bill before October, hinting at further debates in Congress around the future of digital asset regulations in the United States. The post US Senate Passes Contentious Budget Bill Amid Crypto and AI Disputes appeared first on TheCoinrise.com .

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