Trump officially signed the "Great and Beautiful Act"; are Crypto Assets the big winners? The US urgently reviewed three major Crypto Assets bills in one week!

Today, during the celebrations of Independence Day in the United States, President Donald Trump officially signed his most iconic and controversial piece of legislation during his second term – the One Big Beautiful Bill Act. This lengthy bill, spanning 1,118 pages, not only includes a historic tax cut of $3.3 trillion and a spending reduction of $1.13 trillion but also raises the debt ceiling by $5 trillion in one go, causing a huge stir from Capitol Hill to Wall Street. However, behind the huge storm surrounding traditional finance, taxation, and social welfare, an emerging field seems to be becoming the biggest potential winner—cryptocurrency. On the same day that the "Big and Beautiful Act" was signed, House Speaker Mike Johnson announced that from July 14 to 18, an unprecedented "Crypto Week" would be launched, concentrating on three bills crucial to the future of the industry at an unprecedented speed. This closely connected political agenda not only reveals the ambition of the Trump administration to reshape the economic landscape of the United States but also clearly indicates that cryptocurrency has been pushed from the margins to the center stage of American national strategy. The Great and Beautiful Act The "Great and Beautiful Act" is named as such because it packages many of Trump's promises made during the campaign into a large comprehensive bill. Its core content covers six major areas, aiming to comprehensively reshape the economic and social landscape of the United States: Massive tax cuts: Permanently extend the tax policies from Trump's first term, adding tax exemptions for tips, overtime pay, pensions, and interest on American auto loans. The White House claims this will increase the annual income of each middle-class family by $13,000. Expanded defense and border spending: Increase the defense budget to establish the "Golden Dome" missile defense system and provide funding for building the border wall and deporting illegal immigrants. Significant cuts to social welfare: Massive reductions to the social safety net, including Medicaid and SNAP, with an expected cut of $800 billion. Abolish the Green New Deal: Gradually eliminate tax incentives and government subsidies for solar, wind energy, and electric vehicles. The passage of this bill was extremely thrilling, as it barely passed in both the House and Senate, indicating significant divisions within the Republican Party. The bill sparked widespread social controversy, with Tesla CEO Elon Musk angrily denouncing it as a "debt slavery bill" due to its cancellation of electric vehicle subsidies, even threatening to establish a new political party in protest. Meanwhile, the Congressional Budget Office (CBO) reported that the bill is expected to increase the federal deficit by about $3.3 trillion over the next decade, provoking strong criticism from Democrats and some economists for "robbing the poor to pay the rich" and the potential risk of a debt crisis. Is cryptocurrency a big winner? Although the text of the "Big and Beautiful Act" does not directly contain many provisions regarding cryptocurrency, its impact on the crypto market is profound and multifaceted. First, there are structural benefits at the macroeconomic level. The large-scale fiscal expansion and increase in debt brought about by this bill will almost inevitably weaken the market's long-term confidence in the US dollar and US Treasury bonds. Analysts generally believe that this approach will drive investors to seek non-sovereign value storage assets that can hedge against inflation risks. In this context, Bitcoin's status as "digital gold" will be further consolidated. After the signing of the bill, the price of Bitcoin surged short-term, breaking through $110,000, which is a direct response from the market to this expectation. Secondly, the Trump administration's friendly attitude towards the crypto industry has been validated. The strong passage of the "Great and Beautiful Act" proves that the Trump administration has the capability and determination to translate its campaign promises into actual law. Considering that the Republican Party's platform has clearly stated support for cryptocurrencies and opposition to excessive regulation, and has established an executive order for a "Strategic Bitcoin Reserve," this legislative victory undoubtedly injects a shot of adrenaline into the crypto industry. Cryptocurrency Week If the "Big and Beautiful Act" has created a favorable macro environment for cryptocurrencies, then the upcoming "Cryptocurrency Week" is a key step in transforming this positive outlook into a concrete legal framework. House Speaker Mike Johnson has made it clear that this move is aimed at "fully realizing President Trump's blueprint for digital assets and cryptocurrency policies." In this critical week, the House of Representatives will focus on reviewing the following three core bills: The "GENIUS Act" (Stablecoin Regulatory Act): This act has been passed by the Senate and aims to establish a national regulatory framework for the issuance of stablecoins. It requires issuers to have 100% of their reserves in US dollars or equivalent liquid assets and mandates annual audits for large issuers. Trump himself has publicly stated his hope to sign this act before August, demonstrating the Republican Party's strategic intent to solidify the dollar's position in the global digital economy through compliant dollar stablecoins. The "CLARITY Act" (Digital Asset Market Clarity Act): This act aims to address the long-standing regulatory ambiguity that has plagued the US crypto industry. It will clearly delineate the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing a clear compliance pathway for exchanges, project teams, and investors, and is seen as key to unleashing the innovative potential of the US crypto industry. The "CBDC Anti-Surveillance State Act": Proposed by Republican Congressman Tom Emmer, this act aims to prohibit the Federal Reserve from directly issuing central bank digital currency (CBDC) to the public. Its core rationale is to defend citizens' financial privacy rights and prevent the government from using CBDC for comprehensive financial surveillance. This also indicates that the US digital currency strategy will focus more on supporting private sector innovation (such as commercial stablecoins) rather than being government-led. The beginning of a high-stakes gamble The signing of the "Great and Beautiful Act" is a huge gamble by the Trump administration on the future economic direction of the United States. It attempts to stimulate the economy through radical tax cuts and spending adjustments, but it also places the U.S. finances at an unprecedented risk. The subsequent "Cryptocurrency Week" is a meticulously planned legislative action aimed at transforming cryptocurrency from a burgeoning field filled with uncertainties into a strategic industry that is governed by law, has clear rules, and is deeply tied to the national interests of the United States. The combination of the two has created a complex but overall highly favorable environment for cryptocurrencies. On one hand, macroeconomic turbulence may drive more capital into safe-haven assets like Bitcoin; on the other hand, a clear regulatory framework will remove barriers for large-scale entry by institutions. There is no doubt that cryptocurrency is no longer a fringe topic in Washington, but rather one of the central roles in this historic transformation reshaping the financial landscape of the United States and even the world. #Big and Beautiful Act