"Big Beautiful Bill" Passes House: Crypto Markets Poised for Lift-Off

Hang onto your hats, crypto fans! Trump's blockbuster budget, dubbed the "Big Beautiful Bill," just rocketed through the U.S. House—and it might just be the rocket fuel crypto needs, even without any crypto-specific provisions.

On Thursday, June 3, the House passed House Resolution 1, President Trump's game-changing budget, with a nail-biting vote of 218–214. Only two Republicans dared to defy: fiscally conservative Thomas Massie of Kentucky and the anti-Trump rebel Brian Fitzpatrick. Massie warned that the bill would blast the U.S. deficit into the stratosphere.

This beast of a budget shakes up taxes, immigration enforcement, and entitlement programs like Medicaid, but leaves crypto out in the cold. Despite the tireless efforts of pro-crypto warrior Senator Cynthia Lummis, who threw down several crypto-related amendments, none made it into the final cut.

Lummis' amendments aimed to revolutionize taxes on mining and staking income, a critical battleground for the industry. But they were left on the cutting room floor, with the fate of these issues now hanging in the balance for future showdowns. Coincidentally, on the very day the budget bill passed, Lummis launched a new bill laser-focused on crypto taxation.

Bitcoin Soars as Trump's Budget Takes Flight

Don't cry for crypto just yet! The market's already partying like it's 2022, with Bitcoin (BTC) hovering around the $110,000 mark, up 0.24% in the last 24 hours. The overall crypto market cap also got a 0.3% boost.

The good vibes are likely coming from the budget's expected economic sugar rush. Economists are predicting that this fiscal fiesta could pump between $3 trillion and $4 trillion into the U.S. national debt over the next decade, thanks to a wild combo of tax cuts and spending sprees.

This deficit-spending extravaganza is set to flood the financial system with liquidity, a move that usually sends both stocks and crypto assets into the stratosphere. Even though the bill doesn't mention digital assets by name, its potential to supercharge liquidity is already sending shockwaves through market sentiment.