Despite the absence of mentions of cryptocurrencies in the new budget bill, the market showed a positive reaction.
Overview of Trump's Budget
On June 3, the U.S. House passed the budget resolution backed by President Donald Trump, which was approved by a narrow 218–214 vote. The budget expands tax cuts and reduces social programs.
Lack of Crypto Provisions
Despite discussions of tax changes, the budget bill included no provisions related to cryptocurrencies. Senator Cynthia Lummis proposed several amendments aimed at enhancing conditions for the crypto industry, but they were ultimately rejected.
Market Response
Despite the absence of direct legislative outcomes, the cryptocurrency market responded positively. Bitcoin is trading near $110,000, up 0.24% over the past 24 hours. This may be linked to expectations of a stimulative effect of the budget, which could increase liquidity in financial markets.
Thus, even without mentions of cryptocurrencies, Trump's budget may positively affect the crypto market through increased liquidity.
