Key Takeaways
- Trump supports the BITCOIN Act to acquire 1 million BTC over five years.
- The White House is working on bills for stablecoins, market structure, and Bitcoin reserves.
- The GENIUS stablecoin bill advanced in the Senate with a 66-32 vote.
President Donald Trump supports the BITCOIN Act, a bill directing the U.S. government to acquire 1 million bitcoin over five years, according to Senator Cynthia Lummis.
Speaking at the Bitcoin 2025 conference in Las Vegas, Lummis said the bill is gaining momentum and has the backing of the White House.
Lummis stated:
President Trump supports the bill.
She emphasized the administration’s commitment by revealing that a team of digital asset experts in the White House is actively working on legislative initiatives tied to stablecoins, market structure, and the proposed Bitcoin Strategic Reserve.
Details of the BITCOIN Act
Introduced in March, the BITCOIN Act outlines a plan for the U.S. to accumulate 1 million BTC using existing funds from the Federal Reserve and the Treasury Department.
The acquisitions are intended to be budget-neutral and not dependent on new taxpayer funding.
Progress on stablecoin legislation
Lummis said the stablecoin legislation is furthest along, with the Senate Banking Committee already passing the bill out of committee.
The progress on stablecoin legislation suggests that there may be voting activity in the Senate before the upcoming legislative recess.
She added:
We’re getting close to being ready to have it on the floor.
The GENIUS Act and its implications
Meanwhile, Trump’s top crypto adviser, David Sacks, confirmed that the GENIUS Act — aimed at regulating stablecoins — has bipartisan support and cleared a procedural vote in the Senate on May 19 by 66 to 32.
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) targets dollar-pegged stablecoins, which currently make up over 85% of the $250 billion stablecoin market.
