Trump’s Budget Bill Passes, Crypto Markets React Positively
On June 3, the U.S.House approved house Resolution 1, a significant budget bill supported by President Donald Trump.The bill, which passed with a slim 218-214 margin, focuses on tax cuts and reduced benefits. Despite its sweeping changes, it notably lacks any crypto-related provisions.
Pro-crypto Senator Cynthia Lummis tried to add amendments addressing taxes on mining and staking income. However, these amendments didn’t pass. Instead, Lummis introduced a separate crypto taxation bill on the same day.
While the crypto community might be disappointed, the market showed a positive response. Bitcoin prices rose to nearly $110,000, up 0.24% in 24 hours. The overall crypto market cap also increased by 0.3%.
Experts believe the budget’s stimulative effect is behind this uptick.The fiscal package could add $3 to $4 trillion to the U.S. national debt over a decade, due to lower taxes and higher spending. This deficit spending is expected to boost liquidity in the financial system, benefiting both stocks and crypto assets.
although the bill didn’t directly address digital assets, its potential to inject liquidity has already influenced market sentiment. This shows that even without direct legislative support, crypto markets can still benefit from broader economic policies.
