Republicans are pushing for policy changes on cryptocurrency, according to Bloomberg Tax. Efforts on this front began in the House of Representatives with a Ways and Means subcommittee hearing on Jul. 16 about digital asset policy. In this session, lawmakers heard the side of Blockchain Association and Fidelity Investments, among other organizations.
According to Bloomberg Tax, Senate Finance Committee Chair Mike Crapo (R-Idaho) stated that his panel was still in the process of formulating its agenda. He highlighted other pending tax-related proposals on bipartisan issues including trade, retirement, and the House-passed bill providing tax treaty-like benefits to Taiwan. “There are a lot of tax proposals that are still out there,” Crapo noted.
Congress did not include tax-related crypto legislation in the One Big Beautiful Bill Act (OBBBA) but some lawmakers are now setting their sights on on legislation related to these assets.
“What I would really like to work on is a lot of the bipartisan crypto tax and crypto policy that we have in the committee,” stated Rep. Max Miller (R-Ohio). He cited bipartisan support for the Senate-passed legislation creating a regulatory framework for stablecoins, which are digital assets that are pegged to currencies such as the dollar.
Some Democrats from both House and Senate joined Republicans in rolling back Biden administration rules on cryptocurrency tax reporting for decentralized finance markets.
However, lawmakers like Elizabeth Warren (D-Mass.) are less optimistic about the potential for cross-party collaboration on digital asset policy. “There’s definitely room for a bipartisan bill, if the process doesn’t get hijacked by the most extreme elements of crypto world,”
But Bloomberg reports that there are other areas with some room or potential for cross-party cooperation.
Crapo, with Finance Committee ranking member Sen. Ron Wyden (D-Ore.), revealed a discussion draft earlier in 2025 filled with tax administration fixes and rules for tax preparers.
Republicans included a few smaller expiring or expired provisions in the OBBBA, but not all of them. The law contained longer runways—which are extended timelines for certain activities or benefits—such as the New Markets Tax Credit, low income housing credits, and a permanent extension of the "rum cover-over," which is a provision in U.S. tax law where federal excise taxes are collected on rum made in Puerto Rico and the U.S. Virgin Islands.
Some items were not included as well, including a break for tuna canneries in American Samoa and the Work Opportunity Tax Credit. Those and other items might not have a near-term legislative vehicle to latch on to, noted Joseph Boddicker, a counsel in Alston & Bird’s federal and international tax group.
