Trump’s Large and Splendid Bill Stretches into Extra Time as Senators Shoehorn Crypto Clauses

The proposed bill from former President Donald Trump, intended to bring about significant economic reforms, is encountering considerable resistance in the Senate as members seek to incorporate amendments pertaining to cryptocurrencies. The legislation, informally called “Trump’s Large and Splendid Bill,” aims to streamline tax systems, encourage economic growth, and lessen the national debt. However, the introduction of intricate cryptocurrency provisions is hindering progress and prolonging deliberations. Senators are debating whether the bill should include regulations on crypto taxation, definitions of digital assets, and licensing requirements for cryptocurrency trading platforms. Some contend that these regulations are essential to safeguard investors and deter illicit activities, while others believe they will stifle innovation and impede the growth of the crypto industry. Discussions are expected to continue throughout the night, as senators strive to reach a compromise that balances consumer protection with fostering innovation. The future of the bill hinges largely on the outcome of these discussions, and if senators can reach an agreement, it could result in significant changes to the financial system. However, should they fail, the bill might be indefinitely postponed, leaving numerous economic issues unresolved.