U.S. Senate Advances Trump’s Tax Bill: Implications for Cryptocurrency Markets

On June 28, 2025, the U.S. Senate advanced President Trump’s major tax and spending bill with a 51-49 procedural vote. This legislative motion, meant to be finalized before July 4, seeks to extend tax cuts and alter fiscal policy. The Senate text of President’s major bill proposal was introduced by Chairman Graham, providing details on the measures.

The bill’s emphasis on tax reductions, defense spending, and immigration measures signals major shifts in economic policies, potentially affecting market sectors and cryptocurrencies like Bitcoin and Ethereum. Immediate reactions remain cautious as stakeholders evaluate the implications.

Senate’s Narrow Approval Challenges Market Dynamics

Senate Republicans backed President Trump by voting for the tax and spending bill proposal, except Senators Thom Tillis and Rand Paul. Former President Donald Trump remarked on Truth Social:

The proposal, which passed the House of Representatives 215-214, rattled market sentiments by promising extended corporate and individual tax cuts, heightened defense budgets, and stricter immigration enforcement.

Numerous people have come forward wanting to run in the Primary against ‘Senator Thom’ Tillis. I will be meeting with them over the coming weeks, looking for someone who will properly represent the Great People of North Carolina and, so importantly, the United States of America.

Macroeconomic Impact Mirrors 2017 Stimulus Precedents

Did you know? The 2017 tax cuts, similar to this proposal, corresponded with notable equity and digital asset market growth, influencing Bitcoin’s historic value surge, reflecting similar fiscal policies’ impacts.

Bitcoin (BTC) is currently valued at $107,261.15, with a market cap of $2.13 trillion according to CoinMarketCap. Its price has risen 1.00% in the last 24 hours, with a trading volume decrease of 33.06%. The macroeconomic stimulus anticipated from similar measures historically drives cryptocurrency inflows.

Experts from Coincu suggest that macroeconomic policy changes could drive Bitcoin growth, while government and regulatory shifts remain uncertain. Such dynamic changes could drive capital flow into risk assets, possibly affecting technological advancements and investor confidence.