US President Donald Trump Supports the BITCOIN Act, Will Work with Congress to Rollout Landmark Digital Asset Legislation

US President Donald Trump supports the BITCOIN Act and has a team of experts in the White House working to roll out landmark digital asset legislation

output:

Among the topics discussed at the Bitcoin 2025 Conference in Las Vegas, was the BITCOIN Act, legislation introduced by Wyoming Senator Cynthia Lummis in March to have the U.S. government incrementally accumulate 1 million Bitcoin (BTC) over a five-year period.

Lummis is now bringing the legislation, which she claims President Donald Trump supports, to the “attention of the American people and the world.”

The new legislation, which Lummis is reintroducing, would see the U.S. government acquire 1 million Bitcoin over five years. These acquisitions would be funded using existing funds from the Federal Reserve System and the Treasury Department for the purpose of these acquisitions.

It remains unclear how the Biden administration would proceed with the legislation, considering its strong stance against crypto.

Earlier this year, the Trump administration, through the White House, expressed the need for budget-neutral ways to acquire Bitcoin without burdening taxpayers.

At the Bitcoin Conference, Lummis noted that the Trump administration has a team working on digital asset issues, including legislation on stablecoins, market structure and the Bitcoin Strategic Reserve.

“They will probably roll out in that order,” Lummis said.

“The Senate Banking Committee has passed the stablecoin bill out of committee.”

The good news is that the GENIUS Act on stablecoins is ‘going to pass,’ says Trump’s crypto czar.

It seems the White House is in alignment with Senator Lummis.

Last week, Trump’s top crypto adviser, David Sacks, said the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act is “going to pass” the Senate with bipartisan support after clearing a key procedural vote on Friday, May 19.

GENIUS refers to the Guide and Establish New Income, Jobs, and United States Savings Act, possibly the most comprehensive federal push to establish a legal framework for dollar-pegged cryptocurrencies known as stablecoins.

Stablecoins have become one of the most prominent use cases for blockchain technology, with some industry advocates arguing that they could help extend the U.S. dollar’s dominance as the global reserve currency.

The post Senator brings BITCOIN ACT to the 'attention of the world' as Trump 'supports' the bill, says Lummis appeared first on CryptoCompare.