US Senate passes OBBB: Cryptocurrencies before tax revolution!

US Senate passes OBBB: Cryptocurrencies before tax revolution!

On July 1, 2025, the U.S. Senate passed the One Big Beautiful Bill (OBBB). The vote ended in a tie, 50-50, with Vice President J.D. Vance casting the tie-breaking vote. All Democrats and three Republicans voted against the bill, which not only covers social issues like Medicaid and child tax credits, but also regulations for the cryptocurrency industry.

A central component of the OBBB is the newly introduced de minimis tax allowance for crypto transactions. This stipulates that payments of up to USD 300 per transaction and up to a total of USD 5,000 per year remain tax-free. Another important point is that crypto miners will no longer be taxed twice; Taxes are only due on actual sales. This could make everyday cryptocurrency payments more attractive and encourage merchants to integrate crypto. Through these measures, crypto could be perceived as more stable compared to inflationary fiat currencies.

Impact on the crypto industry

With the passage of the OBBB, the crypto mining industry in the US is also expected to be strengthened. The Congressional Budget Office (CBO) forecasts a gross domestic product increase of 0.4 to 0.8% over a period of 10 to 30 years. This forecast does not only apply to the crypto industry, while estimates of increasing national debt are up to $4 trillion by 2034.

Critics, on the other hand, describe the law as a “reverse Robin Hood policy” that primarily relieves the rich. Nevertheless, the law could have a positive impact on the crypto market, which may be reflected in rising prices. Other drivers cited for a bull market include Bitcoin reserves, corporate adoption, supply shocks and the upcoming halving. Central bank monetary policy decisions and the global M2 money supply could also influence the crypto market.

Pro-crypto amendment and future developments

The OBBB is also working on a pro-crypto amendment, led by Senator Cynthia Lummis. The amendment could include tax breaks for smaller crypto transactions as well as clarifications on the taxation of staking rewards. Furthermore, it aims to encourage companies to report unrealized crypto gains. A decision on this amendment is expected by the end of Monday, and Lummis has been working on the proposals for over a year.

Planned elements of the amendment could include clarifications that both staking and mining rewards will only be taxed upon sale. There is also a mark-to-market accounting regulation for companies that hold crypto. Industry leaders agree that a quick decision on the amendment is necessary in order for it to be taken into account in the OBBB. The de minimis tax relief thresholds currently being discussed vary between $200, $300 and $600.

The developments surrounding the OBBB and the proposed amendment could have far-reaching effects on the acceptance and use of cryptocurrencies in everyday payment transactions.