Senate discussions are dragging on as senators review hundreds of amendments through rapid votes. Debates often extend into late nights, delaying the process and threatening the July 4 target. 

Crypto Tax Exemptions and Lummis’ Proposals

Two key crypto market proposals are under consideration in the bill. Republican Senator Cynthia Lummis suggests exempting transactions under $300 and annual transfers below $5,000 from taxation. She also requests that staking, airdrop, and mining income be taxed only upon sale, aiming to prevent double taxation. These proposals were extensively discussed at the 2025 Bitcoin Conference. 

Democrats’ Ban Proposal and Senate Decision

Meanwhile, Democratic Senators Elizabeth Warren, Jeff Merkley, and Jack Reed proposed banning government officials from owning and promoting crypto, including their spouses and children. The Senate rejected this proposal, intensifying debates over crypto regulations. 

The Republicans’ slim majority in the Senate slows the progress. Afterward, the bill will proceed to the House of Representatives, further extending the timeline. This makes Trump’s July 4 goal increasingly difficult. Crypto regulations and tax reforms in the U.S. hold critical importance for the future of financial markets. 

Senate negotiations are lasting long hours, with the One Big Beautiful Bill expected to pass by the end of July. 

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Crypto Tax Exemption Period Comes to an End

Until now, residents in Brazil who sold up to 35,000 Brazilian reals (approx. $6,300) in crypto assets per month were exempt from income tax. Under the new regulation, all gains—regardless of transaction volume—are now subject to a 17.5% flat rate.

This change means higher tax burdens for smaller investors, while some high-net-worth individuals may actually benefit. Previously, trades above 5 million reals were taxed up to 22.5%, but with the flat rate, many large investors will now pay less.

Cold Wallets and Offshore Crypto Holdings Are Now Taxable

The reform goes beyond just trading volume. Crypto stored in self-custody wallets and held in foreign exchanges will also be included in the tax regime.

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Taxes will be assessed quarterly. Investors are allowed to deduct losses from the previous five quarters, although this loss window will narrow starting in 2026.

Other Financial Instruments and Betting Revenue Also Hit

The changes also impact traditional financial products. Fixed-income securities that were previously tax-exempt—such as Agribusiness and Real Estate Credit Letters (LCAs and LCIs) and Receivables Certificates (CRIs and CRAs)—will now be taxed at 5% on profits.

Meanwhile, the tax on betting revenue has been raised from 12% to 18%.

Proposal to Allow Bitcoin Salary Payments in Brazil

Back in March, Brazilian lawmakers proposed a bill that would allow employers to pay up to 50% of employee salaries in crypto, including Bitcoin.

Full crypto salary payments would only be allowed for foreign workers or independent contractors, and only under conditions regulated by Brazil’s central bank. All crypto salary payments must use official exchange rates from central bank-authorized institutions.

Freelancers will be allowed to receive full payments in digital assets if contractually agreed. Supported currencies include Bitcoin, Ethereum, USDT, and USDC.

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Sacks Rejects 0.01% Transaction Tax on Crypto!

In a recent episode of the All-In Podcast, host Jason Calacanis suggested a 0.01% tax on every crypto transaction. The tax would apply whether a user is buying, selling, or transferring cryptocurrency. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued:

“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me.”

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Many crypto investors criticized the idea, warning it would create unnecessary costs even for transfers between wallets owned by the same person.

The recent White House Crypto Summit did not present any official tax policies. However, the Trump administration has signaled support for major tax reform in the United States.

Trump Proposes Eliminating Income Tax and IRS!

President Donald Trump has proposed eliminating the federal income tax and replacing it with tariffs on imported goods. Commerce Secretary Howard Lutnick added that the IRS would be replaced by an “External Revenue Service.”

According to Dancing Numbers, the plan could save each American taxpayer at least $134,809, and possibly up to $325,561 if state income taxes are repealed as well.

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The FSA has targeted five exchanges, including Dubai-based Bybit Fintech, Singapore-based MEXC Global, LBank Exchange, Seychelles-based KuCoin, and Singapore-based Bitget. On February 6, Apple removed these apps from the App Store, preventing Japanese users from downloading them.

Japan’s Cautious Approach to Crypto

Japan has adopted one of the most cautious stances towards cryptocurrencies among Asian markets. While Hong Kong has approved the first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), Japanese regulators remain wary of the volatility and risks associated with crypto ETFs.

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The FSA’s action should not be seen as a crackdown on retail crypto investment. Anndy Lian told Cointelegraph, “This isn’t about shutting down crypto investing. It’s about saying, ‘If you want to operate in our market, you must play by our rules.'”

New Tax Reform and Investor Protection

This regulatory move comes after the announcement of a new tax reform for 2025, which will treat crypto assets like traditional financial assets.

Lian emphasized that Japan’s regulatory approach is not an attack on crypto but a measure for investor protection and accountability. He pointed out that after the Mt. Gox hack in 2014, which caused massive losses, Japan has focused on tightening regulations to prevent such incidents. The Mt. Gox collapse resulted in a loss of $9.4 billion for over 127,000 investors.

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