Senator Cynthia Lummis Promises Bitcoin Reserve Act Is Next In Line, Following Stablecoin Legislation

This development, shared on stage at The Bitcoin Conference, has sparked renewed interest in the government's stance on digital assets, especially Bitcoin.

Senator Cynthia Lummis has revealed that the U.S. Congress will next turn its attention to the Bitcoin Reserve Bill following progress on the much-discussed stablecoin legislation. This development, shared on X by American Journalist Eleanor Terrett, has sparked renewed interest in the government’s stance on digital assets, especially Bitcoin.

Cynthia Lummis: Bitcoin Reserve Bill Is Next In Line

In a now-viral post on X, Senator Lummis made headlines at the Bitcoin Conference. She announced that the Senate will begin work on the Bitcoin Reserve Bill after wrapping up discussions on the GENIUS Act stablecoin bill.

Congressman Nick Begich introduced the Bitcoin bill on March 11, 2025. This bill proposes that the U.S. Treasury should begin purchasing up to 1 million Bitcoin units over five years. If passed, it would back the established Strategic Bitcoin Reserve held in trust by the government.

This will mark a massive shift in how the United States views Bitcoin. The country will see it as a digital asset and a strategic one. It is worth noting that President Trump recently signed an executive order to establish a Strategic Bitcoin Reserve, hence driving the massive acclaim for the top coin.

In a recent post on X, American Journalist Eleanor Terrett reported that Senator Cynthia Lummis believes the federal government currently holds around 200,000 Bitcoin. However, she acknowledged the figure is uncertain, as the information has reportedly been classified following a White House-ordered audit. Lummis added that she has been offered a private briefing for further clarification.

The Senate Progress on the Stablecoin Bill

Meanwhile, the Senate had taken a significant step toward advancing the GENIUS Act, which aims to regulate stablecoin issuers. A cloture vote on May 21 pushed the bill past a key procedural hurdle, allowing it to move forward to the amendment stage. CoinGape reported that the vote was 66 to 32, reviving the bill after Democrats initially attempted to block it.

Senator Bill Hagerty, who introduced the GENIUS Act, said the bill is meant to offer a proper legal framework for stablecoins in the U.S. financial system. However, critics like economist Peter Schiff issued a stablecoin warning, noting that the assets could pull capital away from traditional markets and fuel more crypto speculation.

Bitcoin Conference Pushes For Guiness World Record

More highlights are coming from the Bitcoin Conference, which is ongoing in Las Vegas at the moment.

In an X post from the official account of The Bitcoin Conference, the organizers announced a bold plan. They aim to break the Guinness World Record for the most Bitcoin transactions at a single event.

As revealed in the X post, Speakers Rizzo and Marty encouraged attendees to prepare their wallets for the showdown. Notably, some market participants believe that this record-breaking attempt could cause a stir in the finance world, which may ultimately lead to a price swing for Bitcoin.

For this publication, CoinMarketCap data shows that the largest digital asset was trading at $110,220.15, up 0.71% in 24 hours.