#OneBigBeautifulBill

Here’s a concise overview of Binance’s coverage on the “One Big Beautiful Bill” (also referred to as the “Big Beautiful Bill” or OBBBA):

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🏛️ What It Is & Timeline

• A sweeping budget‑reconciliation package including tax cuts, defense, energy, debt‑ceiling hike, and social‑welfare reform .

• Passed the Senate July 1 by a narrow 51–50 vote, then the House July 3 (218–214), and signed by President Trump on July 4 🎆 .

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💸 Fiscal & Tax Highlights

• Lifts the U.S. debt ceiling by $3.3–4.5 trillion, adding trillions to the deficit over the next decade .

• Extends most of the 2017 Tax Cuts and Jobs Act permanently; includes corporate and middle‑class tax cuts .

• Cuts clean‑energy incentives, EV subsidies, and solar tax credits; boosts fossil‑fuel and infrastructure spending .

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🔒 Crypto & Stablecoin Provisions

• Introduces the GENIUS Act for stablecoins: mandates 1:1 high‑quality reserves, audits, and regulation under anti‑money‑laundering frameworks .

• Crypto‑tax clarity: some mining/staking income deferred until sale; wash‑sale and mark‑to‑market rules now apply .

• No new crypto tax breaks—legislation fell short of broad reform .

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📈 Crypto Market Response

• Many see rising deficits and inflation as bullish for Bitcoin—as a hedge against fiat devaluation .

• GENIUS stablecoin framework may improve confidence in stablecoins, though tighter regulations could slow some issuers .

• Market impact: initial volatility followed by upward pressure in BTC, ETH, BNB as per sentiment in Binance community ().

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🌐 Political & Economic Debate

• Supporters call it a bold, visionary act to “put America first.”

• Critics argue it balloons the deficit, undermines green initiatives, and favors corporate and fossil-fuel interests .

• Sparks row between Trump (who touts the bill as “beautiful”) and critics including Chuck Schumer (calling it “brutal”) and Elon Musk .