President Donald Trump’s $3 trillion economic package, known as the 'One Big Beautiful Bill,' has officially passed through Congress. This event has significantly impacted financial markets and the cryptocurrency sector.
Approval of Trump’s Bill in Congress
The bill was passed after a 50-50 vote in the Senate. Vice President JD Vance cast the deciding vote, allowing the bill to go to Trump for signing. The legislation includes significant tax cuts and authorizes new federal debt, raising concerns about long-term inflation.
Increased Interest in Cryptocurrencies
Although the bill does not directly favor cryptocurrencies, it has led to increased interest in the market. XRP, Bitcoin, and Ethereum have seen notable price increases, with XRP rising by 3.2% to around $2.26. Investors view XRP as a viable financial instrument amid dollar pressures.
Legislative Prospects and Dollar Crisis
Attention is now focused on the GENIUS Act, which could provide clarity on stablecoin regulations. The removal of certain cryptocurrency reform proposals, such as tax exemptions for smaller transactions, has disappointed the crypto community, yet the overall interest in digital assets remains high.
Trump’s $3 trillion economic bill has a noticeable effect on the cryptocurrency market. Amid inflationary threats and regulatory uncertainty, investor attention towards XRP and other cryptocurrencies continues to grow.
