House Speaker Dismisses Skepticism Around Trump’s ’Big, Beautiful’ Crypto Bill

Mike Johnson shrugs off concerns as political noise—meanwhile, Wall Street quietly hedges with Bitcoin.

No numbers? No problem. The real figures are buried in dark pool trades anyway.

Closing thought: If politicians understood blockchain, they’d probably try to fork it for pork-barrel spending.

He added that TRUMP himself fully supports the measure. “President Trump is dialed in 100 percent. He is a visionary leader. He does not want to spend more money. And he has the same concern about the national debt that Rand Paul and I do.”

Johnson agreed with Paul that growing deficits pose a major threat, even to national security. Yet he argued that critics underestimate the scale of the proposed reductions. “This is the biggest spending cut, I think, in the history of government on planet Earth,” Johnson said.

He conceded that the cuts are not enough on their own but said the effort marks the start of a long process. “We have a very delicate balance, and we have to start the process. I liken this to an aircraft carrier. You don’t turn an aircraft carrier on a dime. It takes a mile of open ocean. And so, it took us decades to get into this situation. This is a big step to begin to turn that aircraft carrier.”

Democrats are worried that the bill would mainly benefit the wealthiest Americans

The bill would also permanently implement several provisions of the 2017 Tax Cuts and Jobs Act. That law cut tax rates across most income brackets and nearly doubled the standard deduction.

However, the biggest benefit of the 2017 bill was for the wealthiest Americans. The law created a 20 percent deduction for income earned through certain business entities, known as pass-through entities, such as LLCs and partnerships. It also doubled the estate and gift tax exemption from $5.5 million to $11.2 million per person, a change that largely favored high-income families.

The new bill would lock in the corporate tax reduction from 35 percent to 21 percent, one of the most controversial elements of the 2017 law.

At that time, Trump argued that lowering the corporate rate would be “fantastic for the middle-income people and for jobs,” suggesting companies would use the extra cash to hire more workers and raise wages. 

But some economists say those gains never materialized as promised. Wage growth slowed in 2019, two years after the law passed, and only saw modest improvement after the pandemic’s spike in hiring demand.

Democrats have unanimously opposed the new so-called “big, beautiful bill‘. Senate Minority Leader Chuck Schumer called it a “cruel and dangerous scheme” that would hurt working-class families, especially those already feeling the pinch of President Trump’s tariffs.

Meanwhile, Daniel Hornung, a former deputy director of the National Economic Council under President Biden and now a senior fellow at MIT, called the legislation both fiscally reckless and regressive. “People making less than $50,000 a year will actually see their incomes go down, and it’s really to finance tax cuts for largely high-income people,” he said.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot