A look at the thrilling legislative process of the "Beautiful Bill": a marathon power struggle

Here is the English translation: Although the "One Big Beautiful Bill Act" does not directly involve cryptocurrency issues, industry insiders generally believe it is still positive news for the crypto market. **Author:** Fairy, ChainCatcher **Cover:** Photo by Steven Abraham on Unsplash After a marathon-style vote filled with pressure, tug-of-war, and threats, the U.S. House of Representatives ultimately passed the "One Big Beautiful Bill Act" with a narrow margin of 218 to 214 votes. This 869-page bill had previously sparked fierce disputes between the two parties and led to a public fallout between Trump and Musk. Musk even threatened to announce the establishment of a "New American Party" the next day if the bill passed (Note: Musk has already announced the formation of the "American Party"). According to the White House arrangement, Trump will sign the bill at 5 AM Beijing time on the 5th, and this "fiscal experiment" is about to begin. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]

In contrast to the aforementioned winners, low-income families and marginalized social groups face direct impacts. The bill reduces government spending by over $1 trillion, with Medicaid and food assistance programs being the hardest hit. New enrollment thresholds, work requirements, and changes in funding mechanisms are expected to cause over 12 million people to lose health insurance coverage within 10 years.

According to the CBO's calculations, the U.S. debt will surge by $3.4 trillion over the next decade due to the bill. This means the government will have to borrow more to fill the fiscal gap, with additional interest expenses estimated at $600 billion to $700 billion. This heavy interest burden will ultimately be passed on to future generations, squeezing investment and benefits for younger generations in critical areas such as education and housing.

Crypto Opportunities in the Eyes of Industry Leaders

Although the "Beautiful Big Bill" does not directly address cryptocurrency issues, industry insiders generally believe it is still a positive signal for the crypto market.

Crypto KOL Big Beautiful pointed out that the U.S. will significantly increase its fiscal deficit annually, and the scale of U.S. national debt will continue to rise, which is undoubtedly a major positive for Bit. At the same time, the passage of this controversial bill also demonstrates the Trump administration's strong control in Congress, which is favorable for the subsequent passage of crypto policies.

DWF Labs co-founder Andrei Grachev's prediction is even more optimistic. He stated that with the passage of the "Beautiful Big Bill", combined with the traditionally active market in the fourth quarter and a potential interest rate cut environment, Bit and related crypto stocks are highly likely to set new historical highs. Although the Altcoin market will also partially benefit, mid-cap currencies are expected to perform relatively less impressively than Bit.

Crypto KOL Phyrex analyzed that while the bill does not directly benefit the crypto industry, it reflects internal de-globalization fiscal expansion in the U.S. and a dramatic restructuring of global capital flows, which will indirectly help crypto liquidity. Especially, the remittance tax will directly boost the market cap of stablecoins.

BitMEX founder Arthur Hayes has a different view. He believes that after the passage of Trump's "Big and Beautiful Bill", the potential replenishment of the Treasury General Account (TGA) may lead to tightened USD liquidity, causing Bit to fall to $90,000-$95,000. If the replenishment goes smoothly, Bit will oscillate in the $100,000 range, making it difficult to break through the historical high of $112,000 in the short term. Additionally, he predicts that the market may remain flat or slightly decline before Fed Chair Powell's speech in late August, with Bit potentially rising after liquidity recovers in early September.

As the "Beautiful Big Bill" lands, crypto legislation is also entering an accelerated period. The Republican leadership of the U.S. House of Representatives has announced that the week of July 14th will be "Cryptocurrency Week", during which three important digital currency-related bills will be reviewed. (The "GENIUS Stablecoin Act", the "CLARITY Act", and a proposal to restrict the Fed from issuing central bank digital currencies)

The wind is rising, awaiting the echo.

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