Treasury Secretary Bessent just dropped an interesting take: he's pushing back against the idea that tariffs function as a tax. This stance matters more than you'd think. When policymakers frame tariffs differently, it shifts how markets price in inflation risks and currency movements—both critical for crypto valuations. If tariffs aren't viewed as inflationary "taxes" on consumers, it could signal a less aggressive Fed response down the line. The debate isn't just semantic; it's about whether we're heading toward tighter monetary policy or not. Worth watching how this plays out.