The Republican Party in the U.S. Senate is pushing to include Crypto Assets in the tax and spending bill.

[US Senate Republicans Push to Include Crypto Assets in Tax and Spending Bill] According to Semafor, Wyoming Republican Senator Cynthia Lummis is advocating for the addition of provisions in her party's tax and spending bill to reform the way the U.S. taxes crypto assets. The core content includes extending the securities transaction "wash sale rule" to the crypto assets sector, which is expected to generate billions of dollars in tax revenue while exempting Bitcoin miners from the obligation to report gains and losses. Lummis submitted a tax reform proposal co-drafted with Senator Kirsten Gillibrand to Senate Finance Committee Chairman Mike Crapo. Lummis highlighted the flaws in the current tax system that need to be fixed, while Gillibrand believes that the time is not yet ripe for legislation. Members of the Treasury Committee have consulted with President Trump on the content of the bill, and Senator Bill Cassidy of Louisiana revealed that the president is concerned about the "work account benefits" clause. If passed, the proposal would be the first systematic cryptoasset tax framework in the United States.