Today, during the celebrations of Independence Day in the United States, President Donald Trump formally signed his most iconic and controversial legislation of his second term — the (One Big Beautiful Bill Act). This massive, 1,118-page bill not only includes a historic $3.3 trillion tax cut and $1.13 trillion in spending cuts but also raises the U.S. debt ceiling by $5 trillion in one go, causing significant tremors from Capitol Hill to Wall Street.
However, behind this massive storm surrounding traditional finance, taxation, and social welfare, an emerging field seems to be becoming the biggest potential winner — cryptocurrency. On the same day that the (One Big Beautiful Bill Act) was signed, House Speaker Mike Johnson announced that from July 14 to 18, an unprecedented 'Crypto Week' would commence, focusing on reviewing three bills critical to the future of the industry at an unprecedented pace.
This tightly connected political agenda not only reveals the Trump administration's ambition to reshape the U.S. economic landscape but also clearly indicates that cryptocurrency has been pushed from the periphery to the center stage of U.S. national strategy.
(One Big Beautiful Bill Act)
The (One Big Beautiful Bill Act) is named as such because it packages many of Trump's campaign promises into a massive comprehensive bill. Its core content covers six major areas and aims to comprehensively reshape the economic and social landscape of the United States:
Massive tax cuts: Permanently extending the tax cut policies of Trump's first term and adding tax exemptions for tips, overtime pay, pensions, and U.S.-made auto loan interest, with the White House claiming this will increase the average annual income of each middle-class family by $13,000.
Expanding defense and border spending: Increasing the defense budget for establishing the 'Golden Dome' missile defense system and providing funding for building border walls and repatriating illegal immigrants.
Significant cuts to social welfare: Massive cuts to the social safety net, including Medicaid and SNAP, with expected reductions amounting to $800 billion.
Abolishing the Green New Deal: Gradually eliminating tax incentives and government subsidies for solar energy, wind energy, and electric vehicles.
The passage of this bill was extremely suspenseful, with both the House and Senate passing it by a narrow margin, reflecting significant divisions within the Republican Party. The bill sparked widespread social controversy, with Tesla CEO Elon Musk denouncing it as a 'debt slavery bill' due to its cancellation of electric vehicle subsidies and even threatening to form a new political party in protest. The Congressional Budget Office (CBO) report predicts that the bill will increase the fiscal deficit by about $3.3 trillion over the next decade, triggering strong criticism from Democrats and some economists over its 'robbing the poor to give to the rich' implications and the potential for a debt crisis.
Is cryptocurrency the big winner?
Although the text of the (One Big Beautiful Bill Act) does not directly contain many provisions regarding cryptocurrency, its impact on the crypto market is profound and multi-layered.
First, there are structural benefits on a macroeconomic level. The massive fiscal expansion and increase in debt brought about by this bill will almost inevitably weaken the market's long-term confidence in the dollar and U.S. Treasury bonds. Analysts generally believe this approach will drive investors to seek non-sovereign assets that can hedge against inflation risks. In this context, Bitcoin's status as 'digital gold' will be further solidified. After the bill was signed, Bitcoin's price surged short-term, breaking through $110,000, which was a direct reaction to market expectations.
Secondly, the Trump administration's friendly attitude towards the crypto industry has been validated. The strong passage of the (One Big Beautiful Bill Act) proves that the Trump administration has the capability and determination to translate its campaign promises into actual laws. Considering that the Republican Party's platform explicitly includes support for cryptocurrency and opposition to excessive regulation, and has established an executive order for a 'strategic Bitcoin reserve,' this legislative victory undoubtedly injects a strong dose of confidence into the crypto industry.
Crypto Week
If the (One Big Beautiful Bill Act) created a favorable macro environment for cryptocurrency, the upcoming 'Crypto Week' is a crucial step in converting this benefit into a concrete legal framework. House Speaker Mike Johnson has explicitly stated that this move is to 'fully realize President Trump's blueprint for digital assets and cryptocurrency policy.'
In this critical week, the House of Representatives will focus on reviewing the following three core bills:
(GENIUS Act) (Stablecoin Regulatory Act): This bill has passed in the Senate and aims to establish a national regulatory framework for the issuance of stablecoins. It requires issuers to maintain 100% reserves in dollars or equivalent liquid assets and imposes annual audits on large issuers. Trump himself has publicly stated his desire to sign this bill before August, demonstrating the Republican Party's strategic intent to consolidate the dollar's position in the global digital economy through compliant dollar stablecoins.
(CLARITY Act) (Digital Asset Market Clarification Act): This bill aims to address the long-standing regulatory ambiguity plaguing the U.S. crypto industry. It will clearly delineate the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing a clear compliance path for exchanges, project parties, and investors, and is seen as key to unleashing the innovative vitality of the U.S. crypto industry.
(CBDC Anti-Surveillance National Act): This bill, proposed by Republican Congressman Tom Emmer, aims to prohibit the Federal Reserve from directly issuing central bank digital currency (CBDC) to the public. Its core rationale is to defend citizens' financial privacy rights and prevent the government from using CBDC for comprehensive financial surveillance. This also indicates that the U.S. digital currency strategy will focus more on supporting private sector innovation (such as commercial stablecoins) rather than being government-led.
The beginning of a gamble
The signing of the (One Big Beautiful Bill Act) is a huge gamble by the Trump administration on the future economic direction of the U.S. It attempts to stimulate the economy through radical tax cuts and spending adjustments, but it also places U.S. finances at unprecedented risk.
The subsequent 'Crypto Week' is a carefully planned legislative action aimed at transforming cryptocurrency from an uncertain emerging field into a strategic industry governed by clear regulations and deeply tied to U.S. national interests.
The combination of these two factors creates a complex but overall highly favorable environment for cryptocurrency. On one hand, macroeconomic turmoil may drive more capital into safe-haven assets like Bitcoin; on the other hand, a clear regulatory framework will clear obstacles for large-scale institutional entry. There is no doubt that cryptocurrency is no longer a marginal topic in Washington but is now one of the core roles in the historic transformation reshaping the financial landscape of the United States and even globally.