One Big Beautiful Bill Passed: Cynthia Introduces Tax Reform, U.S. Congress Sets July 14 as Crypto Week

On July 3, the U.S. House passed President Donald Trump’s flagship legislation, the One Big Beautiful Bill, with a vote of 218-214. Two Republican lawmakers voted against the bill, joining all Democratic members in opposition. Just two days earlier, on July 1, the U.S. Senate had approved the bill by a narrow 51-50 vote.

"The pro-growth policies within this historic legislation are going to fuel an economic boom like we’ve never seen before. President Trump looks forward to signing the One Big, Beautiful Bill into law to officially usher in the Golden Age of America,” stated Press Secretary Karoline Leavitt.

Trump announced that he will officially sign the bill at the White House on Friday at 4 p.m. EST, marking both the nation’s Independence Day celebrations and the beginning of the "new Golden Age."

Senator Lummis Leads Push for Practical Digital Asset Tax Policy

On July 3, Senator Cynthia Lummis introduced the Digital Asset Tax Legislation, a comprehensive bill aimed at modernizing the U.S. tax system for digital assets. "The tax code shouldn't punish Americans for using new technology. My bill fixes the broken rules around Bitcoin and digital assets," Lummis stated.

The proposed legislation addresses four major areas of digital asset taxation:

• Small transaction practicality (de minimis rule)

• Ending double taxation for miners and stakers

• Tax parity with other financial assets (including digital asset lending, wash sales, and mark-to-market treatment)

• Simplified charitable contribution requirements

The Congressional Joint Committee on Taxation estimates the bill will generate approximately $600 million in net revenue between 2025 and 2034.

One of the core provisions is the De Minimis Exclusion for small transactions, which exempts minor digital asset transactions from tax reporting. Under this rule, transactions valued at less than $300 each, with an annual cap of $5,000 in total gains, would no longer trigger tax obligations. The measure addresses the impracticality of tracking small-scale purchases, such as buying coffee with Bitcoin, and seeks to promote the practical use of digital assets as everyday payment tools.

The legislation also tackles the Tax Treatment of Digital Asset Lending by bringing it in line with existing rules for securities lending. Temporary lending of digital assets under proper agreements would not be treated as a taxable event, a move that eliminates unnecessary tax consequences and supports the growth of legitimate digital lending markets.

To promote tax fairness, the bill extends the Wash Sale Rule to Digital Assets. This adjustment closes a loophole that currently allows digital asset investors to engage in tax-loss harvesting strategies unavailable to traditional securities holders. By addressing this gap, the legislation seeks to ensure neutrality and consistency across asset classes.

Additionally, the bill provides for a Mark-to-Market Election for digital asset dealers and traders, similar to the tax options available to securities and commodities traders. This provision would allow eligible participants to report gains and losses based on the fair market value of their holdings at the end of each tax year, offering a more accurate reflection of their financial positions.

The legislation further proposes the Deferral of Tax on Mining and Staking Rewards until the assets are sold. Current rules often tax these rewards at the time of receipt, regardless of whether the assets are liquidated, creating potential cash flow issues for miners and stakers.

Lummis underscored this challenge on X, stating, "For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it." MicroStrategy CEO Michael Saylor also expressed support, commenting, "We must end unfair taxes on BTC miners if America is going to be the world's Bitcoin Superpower."

Finally, the bill simplifies the rules for Charitable Contributions involving digital assets by removing the requirement for qualified appraisals when donating actively traded cryptocurrencies. This change is expected to encourage more charitable giving within the crypto community by reducing unnecessary administrative burdens.

The announcement was further reinforced by an official press release from Lummis, emphasizing the broader vision behind the proposal. In the official press release, Lummis also stated that, “This groundbreaking legislation is fully paid-for, cuts through the bureaucratic red tape and establishes common-sense rules that reflect how digital technologies function in the real world. We cannot allow our archaic tax policies to stifle American innovation, and my legislation ensures Americans can participate in the digital economy without inadvertent tax violations.”

U.S. House Sets July 14 as Crypto Week to Advance Key Legislation

Following the passage of the One Big Beautiful Bill, House Republicans announced today that the week of July 14 will be officially designated as Crypto Week.

"After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy,” said Chairman Hill.

During Crypto Week, the House is scheduled to consider three significant pieces of legislation: the CLARITY Act, also known as the Digital Asset Market Clarity Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.

The CLARITY Act would establish a clear regulatory framework for cryptocurrencies by defining the oversight roles of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill also requires digital asset firms to provide retail financial disclosures and to segregate corporate funds from customer assets.

The Anti-CBDC Surveillance State Act seeks to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. In parallel, the GENIUS Act, previously passed by the Senate, sets comprehensive requirements for stablecoins. The bill mandates that stablecoins must be fully backed by U.S. dollars or similarly liquid assets, requires annual audits for stablecoin issuers with a market capitalization exceeding $50 billion, and establishes guidelines for the issuance of stablecoins by foreign entities.

According to The Block, there was speculation that the House might pursue its own stablecoin bill, known as the STABLE Act. However, the focus now appears to have shifted to the Senate’s GENIUS Act, which could help lawmakers meet President Trump’s goal of having stablecoin legislation ready for his signature by August 2025.

Looking Ahead: The Next Phase of U.S. Crypto Regulation

Together, these legislative efforts form the core agenda for Crypto Week, aiming to establish clearer rules and safeguards for the rapidly evolving digital asset space. As the U.S. prepares for Crypto Week on July 14, attention now shifts to Congress as lawmakers move forward with key digital asset legislation. With the One Big Beautiful Bill passed and new proposals like Senator Lummis’ tax reform on the table, the coming weeks are expected to bring further developments in the nation’s approach to cryptocurrency regulation and taxation.