Wall Street could see big moves with Trump’s new bill

Wall Street could see big moves with Trump’s new bill originally appeared on TheStreet.

Senate Republicans are advancing a broad-based tax package to extend the 2017 Trump-era tax cuts by deploying a controversial “current policy” accounting gimmick that waives the $3.8 trillion price tag from the official estimate.

Republicans are employing a controversial accounting method to erase the $3.8 trillion cost of extending Trump-era tax cuts, trying to sell the bill to fiscal conservatives despite warnings that it will exacerbate the national debt.

Democrats are referring to it as "magic math," while others believe it sets a precedent for hiding future costs and dragging the United States into record deficits, as per a June 30 Bloomberg report.

Republicans, however, have another plan!

GOPs say that embracing this accounting system would let them add further tax cuts to Trump's "One Big, Beautiful Bill." Especially, John Thune has been leading the efforts to pass the bill.

The move allows the GOP to get around budget rules and make an appeal to deficit hawks. The bill includes a section (Section 899) that would give the Treasury the ability to retaliate against unfair foreign tax measures affecting U.S. individuals or firms, in line with President Trump's trade deals.

This could be reflected as a measure to push forward President Trump's crypto-forward movement. A new amendment from Senator Cynthia Lummis aims to address this gap with significant upgrades to the taxation of digital assets.

The bill will also protect foreign investors who utilize U.S. staking services and clarify that crypto loans are not subject to taxation. The bill could be more precise definitions, especially those related to staking, stablecoins, NFTs, and borrowing fees, to work well in practice, as per experts.

Bitcoin could take center stage

Many analysts believe that the One Big, Beautiful Bill (OBBB) could have significant positive consequences for financial markets and push Bitcoin to the forefront.

Bitcoin has surged by nearly 75% in the past year, which some view as a response to accelerating deficits and the adoption of aggressive fiscal policies.

Gold, an equally conventional hedge, is up 41% over the same time frame — and, even with the higher yields on bonds, that suggests nervousness about monetary stability is getting more, not less acute.

Join the discussion with CryptoWendyO on Roundtable here.

For its part, the dollar is down to three-year lows with the DXY Index gapping down at the open on Monday, a sign that confidence in the greenback's long-term prospects is slowly eroding.

Yields on long-term government debt are also up, steepening the yield curve and sending a signal that bond markets continue to be skeptical that the Federal Reserve will join Trump in pushing for rate cuts. The rise in borrowing costs reflects investor unease about both persistent inflation and the sustainability of U.S. fiscal policy.

Wall Street could see big moves with Trump’s new bill first appeared on TheStreet on Jun 30, 2025

This story was originally reported by TheStreet on Jun 30, 2025, where it first appeared.