My people! Get ready for this political-crypto gossip that has us all speechless! 🤯 It turns out that the United States Senate just approved a bill they named the "One Big Beautiful Bill Act" (which means the "Great and Beautiful Bill"). But the truth is that it’s not very beautiful for us crypto fans!
Can you imagine that the Republicans, with the decisive vote from Vice President JD Vance, managed to push this thing through despite the Senate being split down the middle, a 50-50! The approval came after a marathon 24-hour session, nothing short of amazing! 😴
Now, what does this "Great and Beautiful Bill" bring? Well, look, with the support of Donald Trump (who wants it to be law before July 4th, Independence Day!), this bill aims to maintain the tax cuts from 2017, introduce new exemptions for tip and overtime income, and greatly increase the budget for military operations and migration! 💸
But here comes the part that hurts us: this bill also proposes brutal cuts of nearly 930 billion dollars in crucial social programs like Medicaid and SNAP! And as if that weren't enough, it wants to dismantle President Biden's green energy initiatives! Plus, they slipped in a controversial 5 trillion dollar increase to the national debt ceiling. It’s madness that has even the Republicans fighting over how they will manage the 36.2 trillion dollar debt! It’s a mess! 😫
And now, the low blow for us in the crypto world. Despite all these changes and moves, the bill completely ignored the challenges facing the cryptocurrency sector! 😡 This is a kick to the crypto miners, who are already operating with the noose around their necks. With Bitcoin block rewards and other cryptos decreasing due to "halving events" (those events that cut rewards in half), many are already on the tightrope.
Senator Cynthia Lummis has been fighting to get tax reductions for miners because, listen to this, for years miners and "stakers" (those who put their cryptos to work) have been paying taxes TWICE: once when they receive their rewards and again when they sell them. It’s like being charged double for the same ice cream! 🍦 But guess what? Not a word about that reform in the final bill! 🤦♀️
This is serious, my people. If there are no policies to lend us a hand, the crypto industry in the United States will have to sweat hard to remain competitive. And that could weaken the U.S. position in the world of digital assets!
Now, the future is uncertain. Although the Republicans achieved their goal in the Senate, even the most loyal to Trump, like Marjorie Taylor Greene, are worried. And to top it off, the very Elon Musk (the former DOGE director, for those who didn't know) announced that he plans to create a new political party to oppose this! He says the country needs an alternative for people to have a real voice. This man always surprises us! 🚀
So, while we, the cryptocurrency lovers, think of new strategies amidst this political chaos, the road continues to be bumpy. Let's stay alert and see what the future holds for us in this crypto roller coaster!$NEIRO $BTC $SOL
