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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Crypto proposals have also come for the law being discussed in the USA: One was rejected.
It seems that the "Big Beautiful Bill" that President Donald Trump wants to pass through Congress as soon as possible, and even demands to be ready by July 4th, American Independence Day, is going to be delayed. Especially at the Senate stage, although the senators' hundreds of amendment requests were quickly voted on, the process has begun to stretch out. Discussions, negotiations, and votes continued into the late hours.
Separate crypto proposals from Warren and Lummis…
Cynthia Lummis, known for her support for cryptocurrency and one of the main authors of the stablecoin legislation known as the GENIUS Act, wants to add a cryptocurrency tax provision to the bill. Lummis's proposal suggests that transactions under $300 and annual transactions totaling $5,000 should not be taxed. Additionally, it is requested that income from airdrops, staking, and mining should not be taxed until they are sold. Voting on the proposal has not yet taken place.
A crypto proposal came from senators who are not keen on this area. The proposal, introduced by Democratic Senators Elizabeth Warren, Jeff Merkley, and Jack Reed, aimed to ban government officials from owning or promoting cryptocurrencies, but it was rejected by the Senate. The bill also included provisions for officials' spouses and children.
The July 4th target has become difficult
The proposal that Trump wants to legalize by July 4 may not make it to the schedule due to the extension of the votes in the Senate and then having to go to the House of Representatives. The fact that the Republicans have a narrow majority in the Senate is another factor that prolongs the discussions...
Published: July 1, 2025 10:27Last Updated: July 1, 2025 10:33