House Votes on Crypto Bill After Senate's 50-50 Tie

The U.S. House of Representatives is scheduled to vote on a significant piece of legislation today, which includes provisions related to cryptocurrency. This vote follows the Senate's narrow passage of the bill, known as the "One Big Beautiful Bill," with a 50-50 vote, necessitating Vice President J.D. Vance to cast the tie-breaking vote. The bill aims to advance President Donald Trump's policy agenda but notably does not include a proposal to clarify and ease crypto taxation, despite efforts by Senator Cynthia Lummis to advocate for changes in the U.S. approach to taxing cryptocurrency transactions.

Lummis had proposed waiving capital-gains taxes on small-scale crypto activity, but her amendment was not included in the final version of the bill. The bill, which overhauls U.S. government spending and is estimated to increase the budget deficit by more than $3 trillion, now faces a House vote. The House is expected to engage in vigorous debate over the Senate's changes, as it barely passed its earlier version of the bill.

Senate Majority Leader John Thune celebrated the passage of the bill, stating that it extends tax relief for hard-working Americans and will rebuild the military, secure borders, and unleash the U.S. energy sector. Treasury Secretary Scott Bessent encouraged Republicans in the House to act quickly to deliver on President Trump’s promises to power the future of the economy and ensure the United States remains a premier destination for capital and innovation.

As the Senate passed the bill, Senator Elizabeth Warren, a Democrat and critic of the legislation, sent a letter to the leaders of big U.S. tech firms. She criticized the bill for handing billions of dollars in tax breaks to these companies, with American families footing the bill. Warren's letter highlighted the significant political spending by these firms and the potential impact on everyday American families.

The House is now racing toward a vote on the bill, with Republicans pushing for a final vote. Two Republicans, Reps. Thomas Massie of Kentucky and Warren Davidson of Ohio, voted "no" on the House version of the bill in May and are likely to do so again. House hard-liners have threatened to tank the procedural vote, demanding negotiations with GOP leaders and the White House.

The bill includes sweeping changes to taxes, Social Security, and more, and its passage would mark a significant step toward President Trump's goal of signing the legislation into law. The vote in the House is expected to be closely watched, as it will determine the fate of this comprehensive piece of legislation.

U.S. House Speaker Mike Johnson has announced a decisive vote on crucial crypto legislation, the "Big and Beautiful" bill, today, sparking diverse responses and evaluations. The bill, pivotal for defining future U.S. regulation, is closely monitored by both investors and policymakers. In recent hours, discussions on potential outcomes have dominated both mainstream and digital platforms, with financial actors and crypto enthusiasts speculating on immediate impacts. Anticipated legislative outcomes are projected to influence crypto adoption and integration, particularly in stablecoin regulation. BTC, ETH, and altcoins are on watchlists as volatility could surge post-announcement.

Historically, Congressional decisions like the 2021 Infrastructure Bill had short-lived impacts on cryptos, mirroring patterns seen ahead of today's crucial vote. The scheduled vote could shape the trajectory of cryptocurrency markets, with notable impacts expected on major assets like Bitcoin and Ethereum. The bill might influence BTC, ETH market dynamics. Anticipation rises; significant impact on crypto assets expected.