Trump supports bill to buy 1 million BTC — Senator Lummis

Senator Cynthia Lummis announced at the Bitcoin 2025 conference that President Trump supports the BITCOIN Act, a landmark bill aiming to add 1 million Bitcoin to US government reserves over five years. Funding would come from existing resources within the Federal Reserve and Treasury Department, utilizing budget-neutral methods to avoid taxpayer burden. This initiative aligns with the Trump administration’s previously stated commitment to exploring budget-neutral Bitcoin acquisition strategies.

The BITCOIN Act is currently being brought to the attention of the American public and the global community. Lummis highlighted that the Trump administration has dedicated a team to address digital asset issues, focusing on legislation for stablecoins, market structure improvements, and the establishment of a Bitcoin Strategic Reserve. This legislative rollout is anticipated to occur in stages, starting with stablecoin regulation.

Progress on stablecoin legislation is evident. The Senate Banking Committee has already passed a stablecoin bill, and it’s expected to reach the Senate floor for a vote shortly after a legislative break. Extensive collaboration with the minority party has been undertaken to ensure its passage.

The White House appears to be in sync with Lummis’s initiatives. David Sacks, a top crypto advisor to President Trump, expressed confidence in the passage of the GENIUS Act, a comprehensive bill for stablecoin regulation. This bill, officially titled the Guiding and Establishing National Innovation for US Stablecoins Act, cleared a crucial procedural Senate vote on May 19th with a 66-32 margin.

The GENIUS Act aims to establish a clear regulatory framework for dollar-pegged stablecoins, which have become a significant element of the blockchain ecosystem, potentially strengthening the US dollar’s global dominance. Major stablecoins like USDT and USDC currently account for over 85% of the $250 billion stablecoin market, according to CoinMarketCap. The bipartisan support for the GENIUS Act signifies considerable momentum towards comprehensive stablecoin regulation in the United States.