Republicans in the US Senate narrowly passed a budget reconciliation bill strongly pushed by President Donald Trump and heavily criticized by many members of both parties for concerns about healthcare cuts, artificial intelligence regulation and redistribution of wealth through tax cuts.
In a 50-50 vote on Tuesday after more than 24 hours in session, the Senate passed the “One Big Beautiful Bill Act” with Vice President JD Vance acting as the tiebreaker. All Democrats in the chamber and three Republicans voted against the legislation, with many proposing amendments to address concerns around AI regulation and funding to rural hospitals.
Amid debate on the bill, Wyoming Senator Cynthia Lummis suggested she would add a provision to address what she called “unfair tax treatment” of cryptocurrency miners and stakers. However, her proposed changes to the bill did not appear in amendments brought to the Senate floor on Monday or Tuesday, and the legislation passed without addressing crypto taxation.
“I would have liked to have seen that [provision] in the final product,” Alaska Representative Nicholas Begich told Coinpectra following the vote. “I think there will be other opportunities for us to get that into a must-pass piece of legislation.”
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Following the vote, Lummis said the bill “isn’t perfect” but “a major step in the right direction.” It will return to the US House of Representatives, where the chamber will address the Senate’s amendments. Republicans hold a slim majority in Congress and face significant opposition from Democrats over the bill.
“Donald Trump and Republicans in Congress are planning to write a $15 billion check to Meta simply for existing — paid for by cutting health care for millions of Americans,” said Massachusetts Senator Elizabeth Warren in a Monday Instagram post. “They care more about helping billionaire corporations than helping you.”
Oregon Senator Jeff Merkley submitted an amendment for the budget bill similar to one he proposed be added to the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. The amendment, which was voted down in the Senate, proposed banning the president, vice president, members of Congress and other government officials from owning or promoting digital assets.
Budget bill taking priority in Congress
Though the Senate and House are moving forward with bills to regulate payment stablecoins, create a national Bitcoin (BTC) reserve and establish a digital asset market structure, the legislation will likely be considered after the budget bill.
The Senate passed the GENIUS Act on June 17, sending the bill to the House for further consideration. Begich said he expected “limited, if any, changes” to the legislation, suggesting deference to Trump’s call to “get it to [his] desk” with “no add-ons.”
“I think Bitcoin reserve would be late this year, early next,” said Begich, who sponsored the BITCOIN Act of 2025, adding: “There’s a lot of activity scheduled for the floor, and these are significant pieces of legislation, but they will take a backseat to the budgeting exercises and the budget reconciliation exercises that are ongoing.”
In terms of market structure legislation, members of the House already voted to move the Digital Asset Market Clarity, or CLARITY, Act out of committee in June. Republican leadership in the Senate Banking Committee, however, has suggested they intend to draft their own version of a bill and pass it before October.
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