📌*"Trump's Big Beautiful Bill: Crypto Clauses Take Center Stage" 🚀*

The US Senate is engaged in a marathon vote-a-rama over amendments to President Donald Trump's massive tax and spending bill, with crypto clauses taking center stage. Republican Senator Cynthia Lummis has proposed an amendment aimed at ending the "unfair tax treatment" of crypto, ensuring Americans can use digital assets without fear of tax violations.

*Key Provisions of Lummis' Amendment:*

- *Tax Waiver*: Waive taxes on crypto transactions under $300 with a $5,000 yearly total cap, including stablecoins.
- *Crypto Lending Agreements*: Exclude most crypto lending agreements from being taxed.
- *Taxation of Crypto Earnings*: Stipulate that crypto earned from airdrops, mining, and staking is not taxable until sold.
- *30-Day Wash Sale Rule*: Apply the 30-day wash sale rule to crypto, banning selling a digital asset for a loss and replacing it with a similar asset 30 days before or after the sale ¹ ².

*Other Developments:*

- *Democrat-Backed Amendment Shot Down*: A Democrat-backed amendment that would have prohibited government officials and their families from offering or promoting digital assets was shot down.
- *Elon Musk's Reaction*: Elon Musk, Trump's former government cost-cutting czar, has threatened to form a new political party if the bill passes, calling it an "insane spending bill" and a "disgusting abomination".
- *Potential Impact*: The bill could trigger a US debt crisis and Bitcoin boom, with estimated additions of $3.3 trillion to the national debt over the next 10 years.

*What's Next?*

The Senate's vote-a-rama could go into the early hours of Tuesday, with Trump wanting the bill passed by Friday, July 4. The outcome remains uncertain, with senators on both sides bidding to include hundreds of amendments ¹. #Trump’s Tax Reform# # TRUMP#