At the Bitcoin 2025 conference in Las Vegas, Wyoming Senator Cynthia Lummis stated that President Donald Trump supports the Bitcoin Act.
Details of the Bitcoin Act
Content: In March, Lummis reintroduced the Bitcoin Act, which requires the US government to acquire 1 million Bitcoin (BTC) over five years. The purchases would be funded by existing funds within the Federal Reserve System and the Treasury Department.
Purpose: The bill aims to establish a strategic digital reserve, enhancing the US’s position in the adoption of sovereign cryptocurrencies. Lummis emphasized that economic power is as important as military power, and Bitcoin is regarded as a strategic asset, not just a speculative one.
Related Work of the Trump Administration
Personnel and Plans: Lummis said the Trump administration has a team working on “digital asset issues”, including legislation on stablecoins, market structure, and the Bitcoin strategic reserve, which will likely be rolled out in that order.
Stablecoin Bill Progress: The Senate Banking Committee has passed the stablecoin bill out of committee. Trump’s top crypto adviser, David Sacks, said the GENIUS stablecoin bill is “going to pass” the Senate with bipartisan support after clearing a key procedural vote on May 19. The GENIUS Act is the most comprehensive federal effort to establish a legal framework for dollar – pegged stablecoins.
The Trump administration has emphasized the need to use “budget – neutral ways” to acquire Bitcoin without burdening taxpayers. However, it remains to be seen how the legislative process will unfold and whether the bill will ultimately be passed into law.
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