President Trump's $3.3 trillion tax and spending bill passed without any provisions for digital assets, disappointing the crypto community.
Despite failed lobbying efforts, Senator Cynthia Lummis' crypto-friendly provisions were stripped from the legislation for broader bipartisan support.
Market analysts suggest that the bill's massive spending and tax cuts could lead to inflation, potentially benefiting Bitcoin as an inflation hedge.
Senator Lummis introduced a standalone cryptocurrency tax reform bill after the legislative setback, aiming to address issues like tracking small transactions and complex DeFi tax treatments.