The big is already evident, the beautiful awaits to be revealed.

Written by: Deep Tide TechFlow

$3.3 trillion in tax cuts, $1.13 trillion in spending reductions, 1,118 pages of bill text… A super bill known as the "One Big Beautiful Bill Act of 2025" (abbreviated as OBBBA) is reshaping the economic landscape of the United States, while also sparking new disputes between the two parties, even causing Musk to be "furious."

On July 1, Musk posted on social media platform X, stating that if the current "crazy spending bill" (the "One Big Beautiful Bill") is passed, he will establish the "America Party" the next day to protest against the bill.

As a hallmark policy of Trump's second term, this bill can be described as "comprehensive," carrying the ambitions of the Republican Party and igniting intense social controversy.

This article will delve into the core content of the "One Big Beautiful Bill," the discussions it has sparked, and its potential impact on the cryptocurrency industry, exploring the full scope of this legislative storm.

The Big Bill

The "One Big Beautiful Bill" is a massive tax and spending bill promoted by U.S. President Donald Trump in 2025, covering six major areas: tax reform, healthcare reform, immigration policy, defense budget, energy policy, and education and welfare reform.

As a landmark legislation during Trump's second term, it attempts to stimulate the economy through large-scale tax cuts, increased spending, and policy adjustments, while addressing issues such as finance, immigration, and national security.

The bill text spans 1,118 pages and contains 237,327 words, involving multiple complex provisions. During the Senate's review of the bill, reading the entire text word for word took 16 hours. According to a summary from BBC on June 28, the core content of the "One Big Beautiful Bill" includes the following nine aspects:

According to estimates from the Tax Foundation, the "One Big Beautiful Bill" is expected to reduce federal tax revenue by approximately $3.3 trillion (dynamic estimate) through tax cuts between 2025 and 2034, while increasing defense spending by about $150 billion, mainly for missile defense, ammunition, and shipbuilding. At the same time, the bill will also significantly cut spending by about $1.13 trillion, including an $800 billion reduction in Medicaid and $330 billion saved from reforms to student loan programs.

Economically, the bill is expected to increase long-term GDP growth by 0.6%, but capital stock and pre-tax wages will decrease by 0.2% and 0.1%, respectively, with approximately 794,000 full-time jobs added. Ultimately, the bill is projected to increase the deficit by $3.3 trillion between 2025 and 2034, with long-term risks to fiscal sustainability due to high interest rates and the crowding out effect of private investment.

Additionally, the Congressional Budget Office (CBO) estimates that if the bill is implemented in its House version, it will increase U.S. debt by $2.4 trillion, reduce the purchasing power of the bottom 10% of households by 4% between 2026 and 2034, while increasing the purchasing power of the top 10% of households by nearly 3%, sparking controversy over "robbing the poor to pay the rich."

But the disputes do not stop there.

The Big Dispute

The "One Big Beautiful Bill" was first unveiled by the U.S. House Ways and Means Committee on May 12, 2025, passed in the House by a narrow margin of 215 to 214 votes on May 22, and passed a procedural vote in the Senate by 51 to 49 votes on June 28, entering the formal review stage, with Trump expected to sign it into law before the July 4 Independence Day holiday. Due to its massive scale, complex content, and far-reaching impact, it has become the focus of American politics and social discourse, sparking widespread controversy and intense discussion.

Proponents of the bill view it as one of the core agendas of the Trump administration. Supporters believe that through tax cuts and increased defense spending, the bill will stimulate economic growth and enhance national security, especially as tough immigration and border policies have garnered support from some voters.

However, there are clear divisions within the Republican Party, with some hardliners calling for further cuts to social welfare spending, while moderates hope to retain programs like Medicaid, fearing that the bill may lead to increased deficits and impact low-income groups.

In the two votes on May 22 and June 28, the bill passed by narrow margins, reflecting the division of opinions within the party.

Beyond intra-party divisions, more widely known is the strong opposition from Elon Musk, the founder of Tesla and former head of the Department of Efficiency (DOGE). Based on this bill, Musk's public feud with President Trump is seen as a landmark event marking their open rift. Since June 3, he has referred to it as "massive, absurd, and extremely disgusting," and after the most recent procedural vote on June 28, he firmly believes it is a "political suicide" for the Republican Party.

Musk criticizes the bill for leading to a significant increase in the budget deficit, with an expected increase of $600 billion in the next fiscal year's deficit, potentially accumulating to $2.5 trillion over the next decade, which contradicts the Trump administration's previous claims of reducing government spending.

Additionally, the provision in the bill to gradually eliminate electric vehicle tax credits could adversely affect Tesla, further exacerbating Musk's dissatisfaction. He also proposed transferring the Federal Aviation Administration's (FAA) air traffic control system to be operated by his "Starlink," but this proposal was not adopted, leading to further controversy. Musk even threatened to fund Republican challengers opposing the bill, highlighting his differences with Trump.

The Democratic Party unanimously opposes the bill, arguing that it reduces support for healthcare and welfare for low-income groups to provide tax cuts for the wealthy, a typical case of "robbing the poor to pay the rich." Senate Democratic leader Schumer demanded a word-for-word reading of the bill to delay the vote, demonstrating a strong resistance. Nobel laureate Paul Krugman also criticized the bill as an unprecedented case of robbing the poor to pay the rich, pointing out that its combination with Trump's tariff policies will further harm the interests of the bottom 80% of households.

Public and media reactions have been polarized.

Supporters believe the bill fulfills Trump's campaign promises, such as tax cuts and tough immigration policies, while opponents worry it may exacerbate social inequality and debt burdens. Some users have also raised concerns about potential issues related to digital identity and big data surveillance that may arise after the bill's passage, triggering worries about privacy protection.

From an international perspective, foreign capital holds a cautiously optimistic view of the bill, believing that its stimulus measures may offset the negative impact of tariff policies on GDP by about 1%. However, the bill's Clause 899, "Implementing Remedies for Unfair Foreign Taxation," involves retaliatory taxes, raising concerns about foreign investment motives and the stability of the dollar.

Overall, the passage of the "One Big Beautiful Bill" has not only sparked widespread political and social controversy within the United States but also has profound implications for the international economic environment and investment confidence. Although the White House issued a myths vs. facts article addressing most current controversies, the future implementation effects remain to be seen.

What About Crypto?

On the surface, the currently well-known provisions of the "One Big Beautiful Bill" may weaken federal court powers, severely impact the healthcare system, increase debt burdens, intensify immigration enforcement, restrict foreign investment, exacerbate air pollution, and elevate defense budgets. While the impacts are broad, they seem unrelated to cryptocurrency.

However, the reality may not be so. The passage of the "One Big Beautiful Bill" (OBBBA) is likely to have far-reaching effects on the cryptocurrency and financial industries.

The 2024 Republican Party platform in the United States has already explicitly included provisions supporting cryptocurrency, opposing excessive regulation, and supporting citizens' rights to self-manage digital assets, reflecting a positive government attitude towards the cryptocurrency industry. At the same time, the government's executive order establishing a "strategic Bitcoin reserve" incorporates Bitcoin into national strategic reserve assets, marking a fundamental elevation of Bitcoin's status.

The bill is expected to lead to an additional deficit of about $5 trillion for the U.S. government, and such a scale of fiscal expansion may undermine market trust in the dollar and U.S. Treasury bonds. Foreign capital has already begun to reduce holdings of U.S. Treasury bonds as a structural trend, and after capital outflows, it may flow into Asian stock markets, gold, and Bitcoin (BTC), further enhancing Bitcoin's status as a global store of value, especially in the context of Bitcoin being included in U.S. strategic reserve assets.

Meanwhile, the tax cut policies and fiscal stimulus measures in the bill create a more favorable macro environment for crypto assets. The preferential capital gains tax policy encourages investors to hold digital assets for the long term, injecting long-term funds into the cryptocurrency market and further solidifying the United States' position as a global cryptocurrency hub.

On June 11, 2025, Cahill released an analysis report on the upcoming cryptocurrency asset legislative amendment. The report states: this "is expected to be proposed by Wyoming Republican Senator Cynthia Lummis," and "the yet-to-be-publicized digital asset legislative proposal" is planned to be included as an amendment to the One Big Beautiful Bill.

This legislation involves specific provisions for subfields such as mining, staking, airdrops, and cross-border transactions, as well as the establishment of inclusive policies regarding a $600 minimum threshold and taxation for foreign investors, reflecting a cautious attitude from regulators in balancing industry development and tax management.

Market dynamics show that since May, exchanges like Coinbase have seen outflows of over 100,000 BTC, and the continued accumulation by whales indicates that market sentiment towards Bitcoin remains strongly bullish.

Whether it is the trade-off between tax cuts and deficits, the hard turn in immigration policy, or the potential impacts on cryptocurrency and financial markets, all will continue to shape the economic and social landscape of the United States in the coming years.

The big is already evident, the beautiful awaits to be revealed.

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