This Week in Crypto: Big Beautiful Bill, Trump-Musk Split, New ETF Approvals
A lot of major events happened in crypto this week, as the Big Beautiful Bill passed, prompting another split between Elon Musk and President Trump. Robinhood unveiled tokenized stocks and other ambitious goals.
The first Solana staking ETF began trading on US markets, but the SEC delayed Grayscale’s altcoin basket product. All these stories and more are available at BeInCrypto.
Trump Signs Big Beautiful Bill Into LawThis week, a key piece of regulation with big implications for crypto passed, as Trump’s Big Beautiful Bill made it through the Senate and House of Representatives. Although many crypto- and AI-specific provisions did not survive the final version, the bill as it stands will nonetheless have massive implications.
Earlier today, on the Fourth of July, Trump finally signed the $3.3 trillion bill into law.
Donald J. Trump Truth Social 07.03.25 07:13 PM EST
Great job by the Speaker of the House, Mike Johnson, who spearheaded the drive in Congress for the approval of the “ONE BIG BEAUTIFUL BILL ACT.” He has Great Strength and Wisdom, and will go down as one of the most successful…
Of the many issues that the Big Beautiful Bill covers, massive tax cuts seem most salient to the crypto ecosystem. These cuts will not only encourage domestic crypto investment, but they’re also likely to substantially weaken the dollar.
By increasing the deficit and fiscal instability, the bill may encourage Bitcoin’s use as a store of value.
Trump and Musk Fallout AgainOf course, the crypto community is far from united on the Big Beautiful Bill. This week, Elon Musk warned supporters of its major potential downsides, sending shockwaves through the crypto market.
Musk is very concerned about the US deficit, as evidenced by his time at D.O.G.E., and he repeatedly warned that this bill could lead to a recession:
Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!
And they will lose their primary next year if it is the last thing I do on this Earth.
For the last several days, Musk has vowed to create a new political party if the Big Beautiful Bill passes. This could represent a more permanent political divorce from Trump, which might particularly impact the meme coin market.
So far, Musk is still running a social media poll about this third party, and his plans may not actually materialize.
Solana Staking ETF Begins TradingIn a lighter piece of crypto news, the US’ first Solana Staking ETF began trading earlier this week. The SEC gave positive signals regarding potential approval several days before, and the product is now live on regulated exchanges.
This represents a big breakthrough for the crypto ETF sector.
Now trading: The REX-Osprey
SOL + Staking ETF, $SSK! 