U.S. House Speaker Aims to Finalize Tax Bill by July 4 – Coincu

U.S. House Speaker Mike Johnson reaffirmed that he expects the new tax bill to be finalized by July 4, 2025, amid ongoing political negotiations in Washington, D.C.

The anticipated tax legislation, a crucial part of President Trump’s economic strategy, may alter reporting rules affecting major cryptocurrencies like Bitcoin and Ethereum.

Speaker Johnson’s July 4 Target: Tax Bill Negotiations

U.S. House Speaker Mike Johnson confirmed July 4 as the target date for the completion of the tax bill negotiations. The legislative effort, spearheaded by President Trump, is intertwined with his economic reforms. Johnson is working to coordinate Republican support within the House to ensure swift progress. President Trump’s comprehensive tax reform is drawing significant attention, emphasizing changes that may impact various economic areas, including financial institutions and cryptocurrency reporting. Critics, such as Rep. Chip Roy, argue against unchecked spending, highlighting financial discipline concerns. Congressional and market responses vary, with Trump addressing opponents, labeling some as “grandstanders.” Crypto investors and industry insiders are closely monitoring potential legislative impacts.

As of 11:23 UTC on May 22, 2025, Bitcoin’s (BTC) price stands at $110,676.21 with a market cap of $2.20 trillion, according to CoinMarketCap. The cryptocurrency experienced a 3.74% price increase in the past 24 hours. Its trading volume surged by 71.01%, evidencing heightened market activity. Analysis from Coincu reveals that the tax bill’s culmination could usher in significant regulatory shifts for cryptocurrency exchanges. Historical trends suggest increased volatility and market adjustments, shaping the landscape for Bitcoin and Ethereum.

“The tax bill will be completed by July 4.” — Mike Johnson, U.S. House Speaker

Crypto Markets Brace for Potential Regulatory Shifts

Did you know? The recent pushback against stringent IRS crypto tax proposals mirrors the 2017 Tax Cuts and Jobs Act’s volatility, which similarly shook digital asset markets.

As of 11:23 UTC on May 22, 2025, Bitcoin’s (BTC) price stands at $110,676.21 with a market cap of $2.20 trillion, according to CoinMarketCap. The cryptocurrency experienced a 3.74% price increase in the past 24 hours. Its trading volume surged by 71.01%, evidencing heightened market activity.

Historical trends suggest increased volatility and market adjustments, shaping the landscape for Bitcoin and Ethereum.