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As Republicans rush to pass President Donald Trump’s “One Big Beautiful Bill” budget plan, a timely initiative is emerging in Congress that puts cryptocurrency in the spotlight once more.

Lawmakers are seeking to attach amendments aimed at providing significant advantages for cryptocurrency investors, contributing to the ongoing shift in the regulatory landscape for digital assets in the country.

Fair Tax Treatment For Crypto Miners And Stakers

On Monday, Senator Cynthia Lummis, an advocate for the adoption of digital assets, took to social media platform X (formerly Twitter), to voice her concerns about the current tax treatment faced by crypto miners and stakers. 

The Senator highlighted that these individuals are taxed twice: once when they receive block rewards and again upon selling their assets. “It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower,” Lummis stated.

This sentiment resonates with President Trump, who has consistently supported the integration of digital assets into the country’s financial system. His administration has proposed the establishment of the nation’s first crypto strategic reserve, which would include Bitcoin (BTC) and other tokens as part of its framework.

Fox journalist Eleanor Terret also reported on X that discussions around crypto tax amendments remain alive, despite some disagreements that arose over the weekend. 

Congressional Divisions Toward Digital Assets

Terret indicated that the White House is advocating for the inclusion of Lummis’s proposed changes in the final version of the bill, demonstrating a concerted effort to galvanize support for the cryptocurrency sector.

In contrast to Lummis’s approach, Senator Jeff Merkley introduced an amendment aimed at barring elected officials from promoting or profiting from crypto tokens in which they have a financial interest. 

Merkley argued that allowing such practices undermines the integrity of governance. “The sale of crypto coins by any of us for financial benefit is corrupting our responsibility to govern by and for the people,” he asserted.

Lummis opposed Merkley’s amendment, warning that it could stifle American innovation and hinder the government’s ability to effectively understand and regulate digital assets. 

In a pointed remark in Congress on Monday, the pro-crypto Senator noted, “If we’re serious about ethics and financial products, let’s focus on real solutions and all financial products, not just digital.”

Ultimately, Merkley’s amendment was defeated, failing to pass with a vote of 47 to 53, reflecting the ongoing tensions in Congress regarding the regulation of digital assets, as well as the divisions among lawmakers regarding this emerging technology.

As of press time, Bitcoin trades at $107,187, up 2% on the weekly time frame. Despite the short-term recovery for the market’s leading crypto, BTC still trades 4% below its record price of $111,800.  

Featured image from DALL-E, chart from TradingView.com 

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The gambling mentality is becoming the dominant mindset among crypto traders amid a surge in memecoin discussions, according to analytics firm Santiment.

In a new report, Santiment says that memecoin mindshare is making a comeback despite the recent high-profile collapses of several assets in the sector.

Santiment says that the rise in memecoin-centered discussions on social media suggests an increase in speculation and short-term investing mentality.

“Memecoins, in particular, are once again gaining considerable attention. Online discussions about these high-risk tokens have proliferated as traders embrace a ‘gamble’ mindset, rather than a calculated investment approach.

Notice how social volume has been creeping up for top market cap meme coins, and declining for layer-1s and layer-2s. This is a telltale sign that traders are increasingly investing based solely on speculation and short-term gains.”

Santiment says that currently, the rise in online discussions about altcoins, altseasons and bull markets suggests that the crypto market will likely witness a correction.

“Historically, the best times to invest in altcoins have been when crowd interest is between low and practically nonexistent. But at this current stage, with buzzwords like ‘altcoin,’ ‘altseason’ and ‘bull cycle’ trending, caution is advised, with retailers looking for any opportunity to buy minor dips. Markets move opposite to crowd expectations, so when the crowd’s excitement peaks, it often signals that prices are nearing exhaustion.”

Read the full Santiment report here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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