INSUBCONTINENT EXCLUSIVE:
On July 3, the US Congress passed into law the One Big Beautiful Bill Act
in the late hours of July 3 entirely along partisan lines; only two Republicans voted against the controversial bill, which will
from the bill were proposed amendments to the cryptocurrency tax code
As the bill worked through the Senate, lawmakers attempted to tack on a number of provisions regarding crypto, but to no avail.Despite the
lack of specific crypto provisions, market observers are optimistic about the knock-on effects it will have for Bitcoin (BTC), but these are
up to July 3, observers in the crypto space were anticipating a reordering of the American tax code around cryptocurrencies.Crypto tax
service Crypto Tax Made Easy noted clauses in the bill that would redefine rules around airdrops, smooth out reporting requirements for
Per Lummis, miners are currently taxed twice, first when they receive the block reward and then again when they sell the Bitcoin.Related: US
than any president since at least LBJ [Lyndon B
Long-term yields are creeping up
to inflation-resistant assets, the bill and the Bitcoin gains may come at a greater cost to the world economy.The bill will introduce a
Earners over $1 million are expected to see an after-tax income boost of over 3%, while increasing state and local tax deductions from
$10,000 to $40,000 for those earning less than $500,000 annually
Estate tax exemptions were also increased to $15 million.The bill aims to offset these significant tax reductions and increased government
spending with cuts to critical benefits programs like the Supplemental Nutrition Assistance Program and Medicaid, as well as income from
According to Reuters, some 10 countries are expecting letters from the Trump administration announcing 20%-30% hikes in tariffs on July
bracing for the impact of the Big Beautiful Bill, pro-crypto lawmakers in Washington are already busy.On July 3, Lummis introduced a solo
bill to address her aforementioned qualms with the tax code for miners
The bill also contains a de minimis exemption for digital asset transactions and capital gains of $300 or less, with an annual cap of
particularly before Congress goes on break in August.The crypto industry appears to be getting its way in Washington, while the broader
stablecoins showdown looms as GENIUS Act nears
