The U.S. Senate's discussion on President Trump's massive tax and spending bill may last all night, as senators seek to add amendments, some of which will impact cryptocurrency.

The Senate's "voting marathon"—where lawmakers can propose amendments and vote quickly—has been underway for 17 hours (as of the time of writing) on the Republican "Big and Beautiful Bill," with bipartisan senators attempting to add hundreds of amendments.

Voting may continue until early Tuesday morning, Washington local time, as Trump hopes the bill will pass before Friday, July 4.

The House passed the bill in May by a narrow margin of 215 votes to 214, and the slim Republican majority in the Senate means a stalemate could also occur in the upper chamber.

Republican Senator Cynthia Lummis proposed an amendment that she stated aims to end the "unfair tax treatment" of cryptocurrency and will "ensure that Americans can use digital assets without worrying about violating tax laws."

According to explanatory documents from Lummis's office seen by Cointelegraph, Lummis's amendment would exempt cryptocurrency transactions under $300 from taxes, with an annual total cap of $5,000, including stablecoins.

Other provisions in the amendment would exclude most crypto lending protocols from taxation and stipulate that cryptocurrency obtained from airdrops, mining, and staking would not be taxed until sold.

Another provision would also apply a 30-day wash sale rule to cryptocurrency, prohibiting the sale of digital assets at a loss and replacing them with similar assets within 30 days before or after the sale.

Earlier on Monday, the Senate rejected a Democrat-supported amendment that would have prohibited government officials and their families from offering or promoting a range of digital assets.

The amendment, supported by Democratic Senators Jeff Merkley, Elizabeth Warren, and Jack Reed, would ban the President, Vice President, members of Congress, and a range of other government officials from owning or promoting cryptocurrencies, meme coins, tokens, non-fungible tokens, or stablecoins.

The ban would also extend to the spouses and children of such officials, notably including former special government employees—like Musk—who would also be restricted for up to a year after leaving their positions.

Lummis was one of the lawmakers who voted against the amendment, stating during her Senate speech that she understood "the ethical concerns" but claimed the proposal "would seriously harm American innovation and competitiveness."

She added that the amendment was "too harsh" as it imposed restrictions on the families of government officials, arguing that if the U.S. had passed similar laws "in the early days of the internet," it would have sent a clear message that America does not welcome business.

Musk, who was the cost-cutting chief in Trump's previous administration, later reignited this dispute with the President online over the "Big and Beautiful Bill," stating on X that he would form a new political party if the bill passes.

"If this crazy spending bill passes, the American Party will be formed the next day," Musk wrote on X on Monday.

The Tesla CEO objected to the government spending allowances in the bill, which is estimated to add $3.3 trillion to the national debt over the next decade, calling it "an abominable monstrosity."

Musk, the world's richest person, previously funded Trump's campaign but earlier threatened in another post to seek the ousting of any lawmaker who supports the bill.

"Every member of Congress who promised to reduce government spending during their campaign and then immediately votes for the largest debt increase in history should be ashamed!" Musk wrote.

"If this is the last thing I do on Earth, they will lose in the primaries next year," he added.

Related: Musk threatens to form the "American Party"! The fate of Trump's "Big Beautiful Bill" intertwines with crypto tax reform.

Original: “Trump's 'Big and Beautiful Bill' Goes into Overtime as Senators Rush to Add Crypto Provisions”

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