Trump’s budget didn’t address the issue of cryptocurrency issues, but improving liquidity could still be a growing cryptocurrency.
“Big Beautiful Bill” could still boost the crypto market despite the lack of crypto-related provisions. On Thursday, June 3, the House of Representatives passed House Resolution 1, a landmark budget bill backed by President Donald Trump.
The large budget that expands tax cuts and reduces benefits was passed with a narrow 218-214 votes from two Republican opponents. Massey opposed the bill on the grounds that it would add a significant addition to the US deficit.
Despite changes to the sweep of qualifications like taxes, immigration enforcement and Medicaid, the large budgets had no provisions related to cryptography. This is despite efforts by Crypto Sen. Cynthia Ramis, who proposed several crypto-related amendments.
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These modifications included changes in taxes on mining and staking income. This is an important concern for the industry. Still, these revisions did not pass in the end, leaving behind decisions on these issues in the later invoice. In particular, on the same day the budget bill was passed, Lummis introduced a new bill on crypto taxation.
Bitcoin after Trump’s budget passes
The crypto industry may be disappointed that there are no direct legislative benefits, but the market has responded proactively. Bitcoin (BTC) has increased by 0.24% near the $110,000 level in the last 24 hours, while Crypto’s market capitalization has increased by 0.3%.
Positive responses can be attributed to the expected stimulus effect of the budget. Economists predict that the new fiscal package will add to $3 trillion to $4 trillion in national debt over the next decade, due to a combination of lower taxes and increased spending.
This surge in deficit spending is expected to inject liquidity into the financial system, which is a development that normally lifts both stocks and crypto assets. The bill itself did not address digital assets, but the possibility of increasing liquidity has already begun to affect market sentiment.
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