The U.S. House of Representatives has passed a $9 billion funding cuts package aimed at digital assets, signaling a major policy adjustment in federal spending. House Speaker Mike Johnson secured the victory by utilizing a rarely used fiscal tool to halt funding for USAID and public broadcasting. The decision underscores escalating political debates over cryptocurrency regulation and the allocation of public funds.
The measure, which passed with bipartisan support, represents a strategic move by the Republican Party to redirect federal spending priorities. By targeting digital assets, the GOP aims to curb speculative investments and redirect funds toward traditional public services. Critics argue that the move could stifle innovation in emerging technologies and harm industries dependent on cryptocurrency.
Analysts suggest that the funding cuts may have a ripple effect on the digital asset market, potentially leading to decreased investment and increased regulatory scrutiny. The decision also highlights the growing influence of fiscal policy in shaping the U.S. economy and the role of Congress in determining national spending priorities.