After over 24 hours of debate, the Senate passed the One Big Beautiful Bill Act budget reconciliation bill with a 50-50 vote. Vice President JD Vance broke the tie to secure the bill’s approval. Democrats and three Republicans voted against it. Many members proposed amendments related to AI regulations and funding for rural hospitals. The bill includes extensions of the 2017 tax cuts, cuts to Medicaid and food assistance, AI regulations, and tax relief measures. 

One Big Beautiful Bill Act and Cryptocurrency Tax Debate 

Wyoming Senator Cynthia Lummis proposed an amendment to prevent double taxation on crypto miners and investors. However, this change was not included in the bill. Lummis stated the bill was “not perfect” but a big step in the right direction. The bill, passed without cryptocurrency tax regulation, now moves to the U.S. House of Representatives. Republicans hold a narrow majority in the House, while Democrats strongly oppose it. 

For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.

It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.

— Senator Cynthia Lummis (@SenLummis) June 30, 2025

Trump and Republicans’ Investment Priorities 

Senator Elizabeth Warren emphasized that the bill provides billions in support to wealthy corporations while cutting health services for millions of Americans. Warren pointed out that Republicans prioritize financial support for big companies like Meta by reducing healthcare funding. This sparked public debate on the bill’s social and economic impacts. 

“They care more about helping billionaire companies than helping you.” 

The One Big Beautiful Bill Act approved by the Senate will now be reviewed again in the House. The bill contains significant changes in tax regulations and social services. Given the political balance in Congress, the process is expected to be challenging. However, this step is considered a major turning point in economic and technological regulations. 

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The reconsideration motion was filed by Republican Senator Jane Shamp, who had originally voted against the bill. Interestingly, the Senate vote followed mostly party lines, with only Republican Senator Jake Hoffman breaking ranks to oppose the legislation.

What the Bill Proposes

If passed, HB 2324 would allow the state to manage seized digital assets under a newly created reserve fund. According to the bill:

• The first $300,000 worth of seized Bitcoin (BTC) and digital assets would go to the Attorney General’s office.
• Any amount above that would be distributed as follows: 50% to the Attorney General, 25% to the state’s general fund, and 25% to the new reserve fund.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

In addition, the bill seeks to expand Arizona’s forfeiture laws to include digital assets — outlining procedures for seizure, storage, and distribution. The state would be authorized to seize crypto assets in cases where the owner is deceased, deported, fled, granted immunity, or legally untraceable after due diligence.

Governor Hobbs: Supportive Yet Cautious

Governor Katie Hobbs has taken a mixed stance on cryptocurrency legislation. On May 7, she signed HB 2749 into law, which authorizes the creation of a Bitcoin reserve fund that doesn’t rely on taxpayer money. This fund allows the state to stake crypto and collect airdrops for additional yield.

However, she vetoed SB 1025 on May 2 — a proposal that would have allowed Arizona’s treasury to invest up to 10% in Bitcoin and other digital assets. In her veto letter, Hobbs stated that public retirement funds should not be exposed to untested investments.

She also rejected SB 1373 on May 12, which aimed to form a “Digital Assets Strategic Reserve Fund,” again citing high volatility in the crypto markets as a risk to public resources.

What This Means for Crypto Policy

The debate in Arizona highlights a broader trend in the U.S.: balancing innovation in the blockchain space with regulatory caution. If HB 2324 passes the House, it will head to Governor Hobbs’ desk for final approval. The outcome could signal a stronger institutional role for Bitcoin and digital assets in state-level governance.

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