The Big Beautiful Bill was passed today, marking a significant political moment in the U.S. President Donald Trump will officially sign it on July 4 at 5 PM Eastern Time after both the Senate and House approved it, according to The Kobeissi Letter. This includes permanent tax cuts, no taxes on tips, overtime pay, and Social Security, along with significant spending on border security and defense. According to the summary of the Big Beautiful Bill, the military will receive $150 billion and a similar amount will be allocated for border control.

But this comes at a cost— The details of the Big Beautiful Bill indicate it will add approximately $3.3 trillion to the national deficit. Critics, including Democratic Congressman Hakeem Jeffries, call it unfair, saying it harms the poor by cutting Medicaid, food programs, and clean energy benefits. Meanwhile, Republicans celebrate the victory with chants of “USA!”

In total, Trump's request was passed by the House with just four votes (218–214). Some Republicans even opposed it. So who voted against the Big Beautiful Bill? Notable names include Thomas Massie and Brian Fitzpatrick, while Chip Roy surprisingly switched his vote to "yes."

The impact of the Big Beautiful Bill on cryptocurrency: Boost or trouble?

This could create mixed results for the cryptocurrency world. On one hand, it could be beneficial. The Big Beautiful Bill Trump includes tax reductions for corporations and transfer businesses. This could benefit blockchain startups and mining companies by allowing them to deduct more costs, such as R&D and equipment. Moreover, wealthier Americans saving money from these tax cuts may invest more in cryptocurrency.

But there are also potential downsides. This cuts health programs and food aid. This could reduce the purchasing power of low- and middle-income Americans—those who might invest in cryptocurrency. Additionally, adding $3.3 trillion to the deficit could lead to higher interest rates, making riskier assets like cryptocurrency less attractive in the long term.

In summary, while some wealthy investors and companies may benefit from this, the average person will likely struggle to gain.

The cryptocurrency market reacts: Confidence skyrockets.

This political news has had an immediate impact on the cryptocurrency market. It has spurred a small but notable rally. The global market capitalization increased by 0.37%, reaching $3.37 trillion. Additionally, Bitcoin (BTC) is trading at $109,165.07, up 0.1%, and Ethereum (ETH) is at $2,579.57, up 0.40%. Even the Official Trump Memecoin (TRUMP) is showing gains, rising 0.11%, trading at $8.85.

This shows that the passage of the Big Beautiful Bill has boosted investor confidence, at least for now. But the coming weeks will be more interesting as the Cryptocurrency Week planned at Congress starts on July 14, 2025. During that week, lawmakers will consider other bills such as the CLARITY Act, the GENIUS Act, and the State Oversight Against CBDC Act. These could shape how cryptocurrency is regulated in the U.S.

Is Elon Musk still in the game? Rumors about the American Party are emerging.

Is Elon Musk still in the game? Rumors about the American Party are emerging.

While Elon Musk opposed the bill and even called it the "Big Ugly Bill," he has not said anything since the final passage today. However, he may be planning something big behind the scenes. A new perspective on Trump Musk is forming as new polls show 40% of voters would support a new political party initiated by Elon Musk—referred to as the "Elon Musk American Party."

According to a report by Quantus Insights, Musk is still receiving public support. Previously, he posted on X, "It's time for a new political party that truly cares about the people." On Polymarket, predictions indicate he may not launch the party right away but could do so on December 31, 2025, with 42% saying he will create his own political movement before the year ends.

Conclusion

The Big Beautiful Bill passed today is clearly a significant event and it is changing everything - from Wall Street to the cryptocurrency world, and even in politics with the rumored idea of Elon’s American Party.

Although this may boost business and tax savings for some, it could harm ordinary Americans through reduced welfare and increased debt. However, it brings some optimism about cryptocurrency, but only time will tell if this effect will actually last.