Trump Backs Senator Lummis’s Bill to Acquire 1 Million Bitcoin
Senator Cynthia Lummis revealed at the Bitcoin 2025 conference that President Trump supports her groundbreaking BITCOIN Act. This landmark legislation proposes a US government acquisition of 1 million Bitcoin (BTC) over five years, financed through existing funds within the Federal Reserve and Treasury Department.
Lummis emphasized her efforts to bring the BITCOIN Act to the attention of the public and global stage, highlighting President Trump’s backing. The Act, reintroduced in March, aims to create a strategic Bitcoin reserve, mirroring previous administrations’ strategic reserves in gold, but utilizing budget-neutral methods.
Beyond the BITCOIN Act, Lummis also discussed the White House’s active engagement in crafting digital asset legislation, including stablecoin regulation and market structure reform. She highlighted the progress made on the stablecoin bill, indicating a potential Senate vote soon.
White House Crypto Initiatives
The White House’s commitment to crypto regulation aligns with Senator Lummis’s efforts. President Trump’s crypto advisor, David Sacks, recently expressed confidence in the passage of the GENIUS Act, a comprehensive bill aimed at establishing a legal framework for stablecoins. This bipartisan support suggests a significant shift in the US government’s approach to digital assets.
The GENIUS Act addresses the growing significance of stablecoins, a crucial element of the broader cryptocurrency ecosystem, potentially bolstering the US dollar’s global influence. The success of this legislation could signal a new era of crypto-friendly policies in the United States.
Related: Senator Lummis’s new BITCOIN Act allows US reserve to exceed 1M Bitcoin