According to The White House, the recently passed 'One Big Beautiful Bill' eliminates the IRS requirement for reporting Venmo, PayPal, and other gig economy transactions over $600, a rule previously criticized for burdening freelancers and small businesses (source: The White House Twitter, June 17, 2025). This repeal could drive more gig workers and freelancers toward traditional and crypto payment platforms, reducing compliance concerns and potentially increasing crypto adoption for peer-to-peer transactions. Traders should monitor for increased transaction volumes on crypto networks as gig workers seek alternative payment solutions.

According to Jake Chervinsky, the US House released a new discussion draft on crypto market structure on May 5, 2025, which builds on the FIT21 framework but introduces significant new content requiring careful review (source: Jake Chervinsky, Twitter, May 27, 2025). While there is discussion of a potential markup on June 10, Chervinsky expresses doubts about the feasibility of this timeline. For crypto traders, this legislative uncertainty could increase volatility and impact strategic positioning, as regulatory clarity remains unresolved in the near term.

According to @kayiveyforgov, President Trump has received a mandate from voters nationwide, and the newly introduced comprehensive legislative bill, described as 'One, Big, Beautiful Bill,' is being supported by lawmakers, including @GOPMajorityWhip (Source: Twitter @kayiveyforgov, May 21, 2025). For crypto traders, the passage of major federal legislation under a Trump administration could signal shifts in regulatory policy, potentially affecting market sentiment and volatility for cryptocurrencies, especially if the bill addresses financial or digital asset frameworks.