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Today โ€” 3 July 2025News

Where Trump's "big, beautiful bill" could hit SNAP benefits hardest

3 July 2025 at 10:48
Data: USDA, U.S. Census Bureau; Note: Share calculated using July 2024 population estimates; Map: Kavya Beheraj/Axios

President Trump's massive tax and spending bill, which is advancing through the House after surviving its Republican push through the Senate, would slash food benefits for thousands.

The big picture: It would mark a historic cut to the social safety net that Republicans claim weeds out waste, fraud and abuse โ€” but experts say the restructuring of assistance programs could leave more people hungry and uninsured.


Context: Trump's signature policy bill adjusts work requirements for the Supplemental Nutrition Assistance Program, the country's largest nutrition assistance program.

  • In order to keep their benefits under the Senate-passed version of the bill, parents of children aged 14 or older would have to meet work requirements. The bill also bumps the work requirement age up to 64.
  • Currently, SNAP's requirements for able-bodied adults without dependents apply to those between 18 and 54.
  • It could also force some states to shoulder more benefit costs, the rate of which would be set by a state's percent of erroneous payments. Benefits are currently 100% federally funded, though states share administrative costs.

Threat level: Medicaid and food aid cuts could also lead to lead to job losses and hits to state GDPs, Axios' Alex Fitzpatrick writes.

Zoom out: In March 2025, more than 42 million Americans participated in SNAP, according to initial USDA data.

  • The program provides crucial support for families with low-paying jobs, low-income older adults, people with disabilities and others.
  • According to a CBPP analysis of FY 2024 USDA data, more than 62% of SNAP participants are in families with children, and more than 38% are in working families.
  • New Mexico has the largest share participating in SNAP, with some 21% of the population helped by the program, according to preliminary March data.

By the numbers: The bill would reduce nutrition funding, which includes SNAP, by around $186 billion between 2025 and 2034.

  • While analyst's projections have fluctuated as the legislation's provisions are tweaked, analysts have indicated millions of people could be cut from SNAP under the work requirement provisions.
  • CBPP points to a CBO indication that more than 2 million people would be cut from SNAP under the work requirement provision.
  • While the CBPP notes that revised legislation released June 25 slightly modified several SNAP provisions in the reconciliation plan, it still says more than 5 million people live in households at risk of losing at least some food assistance.

Go deeper: 5 under-the-radar pieces of Trump's "big, beautiful bill" that may impact your life

Why crypto companies are rushing for bank charters

3 July 2025 at 10:11

Multiple crypto companies have applied for national bank charters, with more expected on the way.

Why it matters: Crypto companies are increasingly laying the plumbing for potentially huge new business lines as Washington readies new rules and regulations.


Driving the news: The stablecoin company Circle, fresh off its $18 billion IPO, confirmed on Monday that it had applied with the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A.

  • The cryptocurrency firm Ripple announced Wednesday that it too had also applied for a national banking license.
  • And others are seeking approval too, including Fidelity's digital assets business.

The big picture: The sudden rush comes as stablecoin legislation, which defines new requirements for issuers in the U.S., moves closer to President Trump's desk.

  • Large issuers will need the imprimatur of the OCC to run a compliant dollar-backed stablecoin if Congress passes the GENIUS Act this year.
  • A national charter would also smooth the path for digital asset firms to expand their business lines, setting them up to offer custody services, tokenized assets and payment infrastructures.

Between the lines: National trust banks aren't traditional Main Street banks, and can't accept customer deposits or make loans.

  • Circle said that, if approved, First National Digital Currency Bank would manage the reserve assets backing its stablecoin, USDC, and offer custody services to institutional customers.

State of play: One crypto company has had such a charter since 2021: Anchorage Digital. It declined to comment on its stablecoin plans.

  • Paxos, another stablecoin issuer, which oversees Paypal's PYUSD, sought a charter previously, but the application expired in 2023.
  • Paxos declined to comment about whether or not it would renew its application.

What we're watching: Banking groups.

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