The “big beautiful bill,” President Donald Trump's flagship tax and expenditure law, cleared Congress on July 3 after passing the House with a narrow 218-214 votes.
Two Republican representatives, Brian Fitzpatrick of Pennsylvania and Thomas Massey of Kentucky, crossed party lines to vote with Democrats on the measure that had already cleared the Senate this week.
The US Senate passed the bill without including proposed crypto tax amendments aimed at benefiting stakers, miners and digital asset owners. Despite efforts by Sen. Cynthia Ramis and other supporters, time constraints during final negotiations on the bill have ruled out code-specific measures.
The Act includes tax cuts for individuals and businesses, increased discretionary spending, and reduced safety programs. Financial analysts predict that the bill could increase national debt by $3.3 trillion over a decade.
House Democrat leader Hakeem Jeffries set the indoor record for his longest speech during his floor protest against the law.
The bill is now heading to the White House for President Trump's signature.
Trump's bill sets the stage for liquidity slash, so Bitcoin risks retesting $90,000
Bitmex co-founder and well-known Crypto analyst Arthur Hayes predicts that President Trump's big and beautiful bill to raise the US debt cap could cause considerable liquidity drainage as the US Treasury Department replenishes its general account (TGA).
Estimated at nearly $500 billion, the drain could temporarily push Bitcoin prices to retest the $90,000 to $95,000 range.
Despite potential short-term volatility, Hayes remains positive about Bitcoin's long-term trajectory, suggesting that a smooth market absorption of bond issuance can stabilize Bitcoin at $100,000.
