On July 3, the US Congress passed into law the One Big Beautiful Bill Act. President Donald Trump’s bill offers little to the crypto industry, but it could benefit Bitcoin all the same.
Trump’s budget proposal passed in the late hours of July 3 entirely along partisan lines; only two Republicans voted against the controversial bill, which will significantly increase the US government’s borrowing ability. It has drawn significant criticism from Democrats and even from current and former Trump allies like Tesla CEO Elon Musk.
Notably absent from the bill were proposed amendments to the cryptocurrency tax code. As the bill worked through the Senate, lawmakers attempted to tack on a number of provisions regarding crypto, but to no avail.
Despite the lack of specific crypto provisions, market observers are optimistic about the knock-on effects it will have for Bitcoin (BTC), but these are projected to come amid a wider economic upheaval.
Big Beautiful Bill passed without any crypto amendments
Leading up to July 3, observers in the crypto space were anticipating a reordering of the American tax code around cryptocurrencies.
Crypto tax service Crypto Tax Made Easy noted clauses in the bill that would redefine rules around airdrops, smooth out reporting requirements for staking and create better de minimis exceptions, making it easier to spend crypto without triggering a taxable event.
While the bill was still under debate in the Senate, Senator Cynthia Lummis also suggested an amendment that would remove the “double tax” on Bitcoin miners. Per Lummis, miners are currently taxed twice, first when they receive the block reward and then again when they sell the Bitcoin.
Related: US Senate passes Trump’s budget bill without provision on crypto taxes
Still, the bill draft that passed the Senate and moved onto the House of Representatives did not contain any clauses about crypto.
According to Decrypt, the efforts to include crypto provisions were a “Hail Mary” in a political process already rife with in-fighting and last-minute bargaining.
Bill can still benefit Bitcoin, but broader economic outlook isn’t good
Despite the lack of attention to digital assets, market observers are optimistic that Bitcoin could see a significant price spike as the bills hike the national debt ceiling — the amount of money the government is allowed to borrow — by $5 trillion, a historic amount.
Jessica Riedl, senior fellow at the Manhattan…
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