Although the One Big Beautiful Bill Act does not directly address cryptocurrency issues, industry insiders widely believe its passage remains positive for the crypto market.

After a high-pressure, back-and-forth, and at times threatening marathon vote, the U.S. House of Representatives narrowly passed the One Big Beautiful Bill Act with a vote of 218 to 214.

This 869-page bill sparked fierce partisan disputes and even led to a "public fallout" between Trump and Musk. Musk went so far as to threaten that, upon its passage, he would announce the formation of a "New American Party" the next day (*Note: Musk has since announced the establishment of the "American Party"*).

According to White House arrangements, Trump is scheduled to sign the bill at 5 AM Beijing time on the 5th, marking the beginning of this "fiscal experiment."

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The Perilous Legislative Journey of the One Big Beautiful Bill Act

From its initial proposal to its final passage, the One Big Beautiful Bill Act faced numerous hurdles. In mid-May, Republican lawmakers initiated the legislative process using the "budget reconciliation procedure," aiming to bypass the Senate's traditional 60-vote threshold and advance it with a simple majority.

On May 22, the House passed the bill by a razor-thin margin of 215 to 214. Ahead of the vote, with the partisan divide extremely narrow, Republican Speaker Johnson made last-minute amendments to appease some Republican representatives. Despite this, all Democrats opposed the bill, and divisions persisted within the Republican Party.

On June 4, Musk publicly denounced the bill as "disgusting" and began privately lobbying Republican lawmakers to block the president from signing it. This further escalated the legislative battle and heightened public scrutiny of the bill. (*Related read: "Wall Street Upended, Bitcoin Plummets: Did Musk and Trump 'Roar' a Financial Tsunami Into Existence?"*)

The battle grew even fiercer in the Senate. On June 29, clerks spent approximately 16 hours reading the 940-page bill aloud overnight—a rare spectacle in Washington politics. On July 1, after Vice President Vance cast the tie-breaking vote to resolve a 50-50 deadlock, the bill finally passed the Senate with 51 votes.

On July 3, the House voted again on the Senate version, passing it by the same narrow margin of 218 to 214. During the process, Democratic Leader Jeffries delayed proceedings with a single speech lasting 8 hours and 46 minutes, setting a House record.

Throughout the ordeal, Trump was deeply involved, repeatedly calling lawmakers, applying public pressure on social media, and singling out critics as "making a huge mistake."

---

Winners and Losers: The Interest Map Behind the Bill

The final version of the One Big Beautiful Bill Act spans 869 pages and is sprawling in scope, with its core provisions focusing on large-scale tax cuts and significant reductions in social welfare spending. Multiple polls show that the American public broadly disapproves of the bill.

Image source: Jin10 Data

The bill’s passage has clearly delineated "winners" and "losers."

Winners: The Wealthy, Corporations, and Traditional Energy

The primary beneficiaries are high-income earners and large corporations. The bill not only makes permanent the personal and corporate tax cuts implemented under Trump in 2017 but also expands tax breaks for capital gains, estate taxes, corporate R&D expenses, and shareholder dividends.

Data revealed by Senator Bernie Sanders shows that the bill provides $975 billion in tax relief for the wealthiest 1% of Americans, along with $211 billion in estate tax exemptions for the top 0.2%. Large corporations, meanwhile, received a $918 billion tax cut windfall.

Additionally, traditional fossil fuel industries received "green-light" subsidies, while incentives for clean energy initiatives like electric vehicles and solar power were slashed—a key factor in Musk’s outrage.

Losers: Low-Income Families and Younger Generations

In stark contrast to the winners, low-income households and marginalized groups face direct impacts. The bill cuts over $1 trillion in government spending, with Medicaid and food assistance programs hit hardest. New eligibility thresholds, work requirements, and funding mechanism changes are expected to strip over 12 million people of healthcare coverage in the next decade.

According to Congressional Budget Office (CBO) projections, the U.S. debt will surge by $3.4 trillion over the next decade due to the bill. This means the government will have to borrow more to fill fiscal gaps, with additional interest payments estimated at $600–700 billion. This heavy interest burden will ultimately fall on future generations, squeezing investments and benefits in critical areas like education and housing.

---

Crypto Opportunities in the Eyes of Industry Leaders

Although the One Big Beautiful Bill Act does not directly address cryptocurrency, industry insiders generally view its passage as a positive development for the crypto market.

Crypto influencer Big Pretty noted that the U.S. will significantly increase its fiscal deficit annually, leading to a continuous rise in national debt—undoubtedly a major boon for Bitcoin. Additionally, the controversial bill’s smooth passage demonstrates the Trump administration’s strong control over Congress, boding well for future crypto-friendly policies.

DWF Labs co-founder Andrei Grachev offered an even more optimistic forecast, suggesting that with the bill’s passage, combined with the traditional market uptick in Q4 and potential interest rate cuts, Bitcoin and related crypto stocks are highly likely to reach new all-time highs. While altcoins may also benefit, mid-cap tokens are expected to underperform Bitcoin.

Crypto analyst Phyrex argued that while the bill does not directly benefit the crypto industry, it reflects a U.S. shift toward deglobalized fiscal expansion and a dramatic restructuring of global capital flows. This could indirectly boost liquidity for cryptocurrencies, particularly stablecoins, due to increased remittance tax incentives.

BitMEX founder Arthur Hayes offered a dissenting view. He believes that if Trump’s "big and beautiful bill" passes, replenishing the U.S. Treasury General Account (TGA) could tighten dollar liquidity, pushing Bitcoin down to $90,000–$95,000. If the replenishment proceeds smoothly, Bitcoin may hover around $100,000, unlikely to break its $112,000 all-time high in the short term. He also predicts sideways or slight declines ahead of Fed Chair Powell’s late-August speech, with a potential rebound in early September as liquidity returns.

---

As the One Big Beautiful Bill Act Takes Effect, Crypto Legislation Enters an Acceleration Phase

With the One Big Beautiful Bill Act now law, crypto legislation is also gaining momentum. Republican leadership in the House has declared the week of July 14 as "Crypto Week," during which three major digital currency-related bills will be reviewed (*the GENIUS Stablecoin Act, the CLARITY Act, and a proposal to restrict the Fed from issuing a CBDC*).

The winds have shifted—now we wait for the echoes.

Although the One Big Beautiful Bill Act does not directly address cryptocurrency issues, industry insiders widely believe its passage remains positive for the crypto market.

After a high-pressure, back-and-forth, and at times threatening marathon vote, the U.S. House of Representatives narrowly passed the One Big Beautiful Bill Act with a vote of 218 to 214.

This 869-page bill sparked fierce partisan disputes and even led to a "public fallout" between Trump and Musk. Musk went so far as to threaten that, upon its passage, he would announce the formation of a "New American Party" the next day (*Note: Musk has since announced the establishment of the "American Party"*).

According to White House arrangements, Trump is scheduled to sign the bill at 5 AM Beijing time on the 5th, marking the beginning of this "fiscal experiment."

---

The Perilous Legislative Journey of the One Big Beautiful Bill Act

From its initial proposal to its final passage, the One Big Beautiful Bill Act faced numerous hurdles. In mid-May, Republican lawmakers initiated the legislative process using the "budget reconciliation procedure," aiming to bypass the Senate's traditional 60-vote threshold and advance it with a simple majority.

On May 22, the House passed the bill by a razor-thin margin of 215 to 214. Ahead of the vote, with the partisan divide extremely narrow, Republican Speaker Johnson made last-minute amendments to appease some Republican representatives. Despite this, all Democrats opposed the bill, and divisions persisted within the Republican Party.

On June 4, Musk publicly denounced the bill as "disgusting" and began privately lobbying Republican lawmakers to block the president from signing it. This further escalated the legislative battle and heightened public scrutiny of the bill. (*Related read: "Wall Street Upended, Bitcoin Plummets: Did Musk and Trump 'Roar' a Financial Tsunami Into Existence?"*)

The battle grew even fiercer in the Senate. On June 29, clerks spent approximately 16 hours reading the 940-page bill aloud overnight—a rare spectacle in Washington politics. On July 1, after Vice President Vance cast the tie-breaking vote to resolve a 50-50 deadlock, the bill finally passed the Senate with 51 votes.

On July 3, the House voted again on the Senate version, passing it by the same narrow margin of 218 to 214. During the process, Democratic Leader Jeffries delayed proceedings with a single speech lasting 8 hours and 46 minutes, setting a House record.

Throughout the ordeal, Trump was deeply involved, repeatedly calling lawmakers, applying public pressure on social media, and singling out critics as "making a huge mistake."

---

Winners and Losers: The Interest Map Behind the Bill

The final version of the One Big Beautiful Bill Act spans 869 pages and is sprawling in scope, with its core provisions focusing on large-scale tax cuts and significant reductions in social welfare spending. Multiple polls show that the American public broadly disapproves of the bill.

Image source: Jin10 Data

The bill’s passage has clearly delineated "winners" and "losers."

Winners: The Wealthy, Corporations, and Traditional Energy

The primary beneficiaries are high-income earners and large corporations. The bill not only makes permanent the personal and corporate tax cuts implemented under Trump in 2017 but also expands tax breaks for capital gains, estate taxes, corporate R&D expenses, and shareholder dividends.

Data revealed by Senator Bernie Sanders shows that the bill provides $975 billion in tax relief for the wealthiest 1% of Americans, along with $211 billion in estate tax exemptions for the top 0.2%. Large corporations, meanwhile, received a $918 billion tax cut windfall.

Additionally, traditional fossil fuel industries received "green-light" subsidies, while incentives for clean energy initiatives like electric vehicles and solar power were slashed—a key factor in Musk’s outrage.

Losers: Low-Income Families and Younger Generations

In stark contrast to the winners, low-income households and marginalized groups face direct impacts. The bill cuts over $1 trillion in government spending, with Medicaid and food assistance programs hit hardest. New eligibility thresholds, work requirements, and funding mechanism changes are expected to strip over 12 million people of healthcare coverage in the next decade.

According to Congressional Budget Office (CBO) projections, the U.S. debt will surge by $3.4 trillion over the next decade due to the bill. This means the government will have to borrow more to fill fiscal gaps, with additional interest payments estimated at $600–700 billion. This heavy interest burden will ultimately fall on future generations, squeezing investments and benefits in critical areas like education and housing.

---

Crypto Opportunities in the Eyes of Industry Leaders

Although the One Big Beautiful Bill Act does not directly address cryptocurrency, industry insiders generally view its passage as a positive development for the crypto market.

Crypto influencer Big Pretty noted that the U.S. will significantly increase its fiscal deficit annually, leading to a continuous rise in national debt—undoubtedly a major boon for Bitcoin. Additionally, the controversial bill’s smooth passage demonstrates the Trump administration’s strong control over Congress, boding well for future crypto-friendly policies.

DWF Labs co-founder Andrei Grachev offered an even more optimistic forecast, suggesting that with the bill’s passage, combined with the traditional market uptick in Q4 and potential interest rate cuts, Bitcoin and related crypto stocks are highly likely to reach new all-time highs. While altcoins may also benefit, mid-cap tokens are expected to underperform Bitcoin.

Crypto analyst Phyrex argued that while the bill does not directly benefit the crypto industry, it reflects a U.S. shift toward deglobalized fiscal expansion and a dramatic restructuring of global capital flows. This could indirectly boost liquidity for cryptocurrencies, particularly stablecoins, due to increased remittance tax incentives.

BitMEX founder Arthur Hayes offered a dissenting view. He believes that if Trump’s "big and beautiful bill" passes, replenishing the U.S. Treasury General Account (TGA) could tighten dollar liquidity, pushing Bitcoin down to $90,000–$95,000. If the replenishment proceeds smoothly, Bitcoin may hover around $100,000, unlikely to break its $112,000 all-time high in the short term. He also predicts sideways or slight declines ahead of Fed Chair Powell’s late-August speech, with a potential rebound in early September as liquidity returns.

---

As the One Big Beautiful Bill Act Takes Effect, Crypto Legislation Enters an Acceleration Phase

With the One Big Beautiful Bill Act now law, crypto legislation is also gaining momentum. Republican leadership in the House has declared the week of July 14 as "Crypto Week," during which three major digital currency-related bills will be reviewed (*the GENIUS Stablecoin Act, the CLARITY Act, and a proposal to restrict the Fed from issuing a CBDC*).

The winds have shifted—now we wait for the echoes.