According to The Kobeissi Letter, Elon Musk publicly supported the 'Slim Beautiful Bill' following remarks by Donald Trump on June 5, 2025. Market analysts noted that Musk's endorsement, coming after Trump's pro-crypto stance, could signal growing institutional support for cryptocurrency-friendly legislation. Traders observed increased volatility and positive sentiment in major cryptocurrencies such as Bitcoin and Ethereum immediately after the news, highlighting the direct impact of political endorsements on crypto market momentum (Source: The Kobeissi Letter, June 5, 2025).

According to The Kobeissi Letter, Elon Musk publicly supported the 'Slim Beautiful Bill' following recent comments by Donald Trump, signaling potential regulatory shifts that could affect the cryptocurrency market. Traders are closely watching for updates on the bill's details and passage prospects, as streamlined crypto-related legislation may lead to increased institutional participation and volatility (Source: The Kobeissi Letter, June 5, 2025).