In July 2025, three heavyweight U.S. policies are advancing almost simultaneously: the "Big Beautiful Bill" budget proposal is expected to be finalized, the suspension of reciprocal tariffs isIn July 2025, three heavyweight U.S. policies are advancing almost simultaneously: the "Big Beautiful Bill" budget proposal is expected to be finalized, the suspension of reciprocal tariffs is
The Combined Impact of the White House's "Big, Beautiful Bill", Tariff Comeback, and Crypto Executive Order
In July 2025, three heavyweight U.S. policies are advancing almost simultaneously: the "Big Beautiful Bill" budget proposal is expected to be finalized, the suspension of reciprocal tariffs is ending, and the crypto executive order enters its implementation window. Though these measures appear to fall under separate domains—fiscal policy, trade, and technology—they are deeply interlinked, forming a multifaceted signal for the crypto industry that foreshadows profound change.
At a time when global capital is highly sensitive, crypto assets as an emerging financial force are standing at a crossroads. The combined impact of these three policies is likely to trigger a deep repricing of crypto assets. This won’t be just short-term price swings, but a reset of the industry's narrative. The old story centered on technological idealism and decentralization is fading, while new narratives will revolve around regulation, sovereign oversight, and shifts in the global financial order.
1. The "Big Beautiful Bill": Liquidity Repricing and New Risk Asset Hierarchies
In the first half of 2025, the U.S. "Big Beautiful Bill" budget plan moved forward with great difficulty amid heated debate. The plan calls for $4 trillion in tax cuts over the next decade, offset by at least $1.5 trillion in federal spending reductions: a sweeping transformation in U.S. financial history. At its core are unprecedented investments in infrastructure, defense, technological innovation, and AI development, all aimed at stimulating long-term growth and competitiveness.
While crypto isn't the bill's main focus, it is explicitly mentioned for the first time: the government commits to supporting blockchain infrastructure and strengthening digital asset regulatory frameworks. This marks crypto's gradual move from a "gray area" into a formal regulatory regime.
Though the budget doesn't offer direct tax breaks for the crypto market, its indirect effects are significant. On one hand, fiscal expansion can undermine confidence in traditional fiat, encouraging investors to allocate more to "non-sovereign assets" like Bitcoin to hedge against inflation and systemic risks. On the other hand, tax cuts increase institutional and high-net-worth investor appetite for crypto, especially as some compliant projects begin receiving government support or being categorized as tech investments.
Crucially, the bill's massive support for AI is also likely to drive growth in "AI + Web3" projects. With cross-sector policy incentives, on-chain projects combining technological sophistication and regulatory compliance may become key targets for institutional capital in the next cycle.
2. Tariff Suspension Expiration: Shifting On-Chain Capital Flows
On July 9, the U.S. and major Asian economies (China, Japan, South Korea) see their reciprocal tariff suspension agreements expire. Although the White House immediately extended the suspension to August 1 to allow final negotiations, markets are already pricing in the upcoming "trade shock."
Renewed tariffs will have far-reaching effects on global trade patterns and on the crypto industry's on-chain arbitrage structures. Cross-chain and cross-platform arbitrage relies on price discrepancies between networks and the free movement of capital worldwide.
If tariffs return, these finely tuned arbitrage models will be disrupted. For example, the flow of dollar-pegged crypto (USDT, USDC) into Asia could be constrained, affecting liquidity demand in Japan, Korea, and Southeast Asia. Meanwhile, mining rig manufacturers in China and Korea would face higher costs, raising the cost of deploying new hashrate and potentially threatening the stability of PoW projects. More broadly, this signals the end of the global multi-leg arbitrage era in crypto. DeFi projects built on exploiting geographic spreads will face repricing pressures, while local, compliant exchanges, payment networks, and on-chain settlement systems may gain more stable policy footing.
3. Executive Order Implementation: Building the "National Bitcoin Reserve"
In March 2025, the White House issued an order titled "Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile." It directs Treasury, Commerce, Energy, and other federal departments to complete asset review, reserve planning, regulatory interfaces, and infrastructure preparation within 60 days.
Now in its final implementation stage, the order is set for a critical decision point this month: whether the U.S. will formally adopt a "state-held crypto" model. This approach means the government will directly hold a certain amount of Bitcoin and other crypto assets in its national reserves.
Strategically, this is the first time the U.S. government formally recognizes the value of Bitcoin and other crypto as strategic assets and commits to a "non-custodial reserve" model: holding private keys or multisig addresses itself rather than relying on exchanges. Under this model, U.S. crypto asset management will become more transparent and auditable on-chain, potentially setting a new paradigm for sovereign "Bitcoin holdings. Even more significantly, the order proposes a digital asset whitelist system: only approved projects can be included in federal reserves or payment ecosystems. This would give compliant tokens a government-level endorsement, boosting their market cap and liquidity. Meanwhile, anonymous coins, projects without real entities, or those lacking audits risk marginalization or delisting.
4. Summary: A Catalyst for Crypto Repricing Reset
These three policy moves are not just background macro shifts: they are direct catalysts for a systemic repricing of crypto assets.
Event | Industry Impact | Short-Term Volatility | Medium/Long-Term Opportunity |
"Big Beautiful Bill" | Bullish for compliant projects and on-chain AI infrastructure | High | Growth of U.S.-centered on-chain ecosystems |
Tariff Suspension Ends | Disrupts cross-border arbitrage models | Medium-High | Asian chain transformations/Stablecoin migration |
Executive Order Execution | U.S. national reserve system implemented | High | Strategic asset on-chain, Bitcoin "nationalization" |
Together, these forces are reshaping crypto's power map: they change investment logic and force market participants to reposition strategically across compliance, technology, and geopolitics.
5. Conclusion: Regulation as Anchor, Narrative Shift, and Crypto's Next Cycle
Crypto's past explosive growth was fueled by zero-interest-rate policies and technological utopianism. Today, the three-pronged White House policy push signals not only a new fiscal and regulatory cycle but also the reintegration of technological innovation into the state governance framework. Web3 will no longer be an anti-establishment utopia but a new financial platform shaped by government, industry capital, and technical communities working together.
While this new cycle brings challenges, it also rewards projects with genuine technological depth, regulatory adaptability, and ecosystem traction. In this context, the role of trading platforms becomes even more critical. As one of the world's leading digital asset exchanges, MEXC is leveraging its product strengths and ecosystem layout to help users navigate policy cycles and seize opportunities from narrative shifts.
Whether through its fast listing mechanism enabling early access to compliant and emerging concepts, or its low fees and deep liquidity improving trading efficiency and user cost structures, MEXC is actively building a new trading environment tailored for the "regulation era." Especially in a market defined by sovereign control and audit-first logic, exchanges offer not just tools but strategic bridges.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, consultation, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. MEXC is not responsible for users' investment decisions.
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