Key Takeaways
- Trump helps the BITCOIN Act to amass 1 million BTC over 5 years.
- The White Home is engaged on payments for stablecoins, market construction, and Bitcoin reserves.
- The GENIUS stablecoin invoice superior within the Senate with a 66-32 vote.
President Donald Trump helps the BITCOIN Act, a invoice directing the U.S. authorities to amass 1 million bitcoin over 5 years, in keeping with Senator Cynthia Lummis.
Talking on the Bitcoin 2025 convention in Las Vegas, Lummis mentioned the invoice is gaining momentum and has the backing of the White Home.
Lummis said:
President Trump helps the invoice.
She emphasised the administration’s dedication by revealing {that a} staff of digital asset specialists within the White Home is actively engaged on legislative initiatives tied to stablecoins, market construction, and the proposed Bitcoin Strategic Reserve.
Particulars of the BITCOIN Act
Launched in March, the BITCOIN Act outlines a plan for the U.S. to build up 1 million BTC utilizing current funds from the Federal Reserve and the Treasury Division.
The acquisitions are supposed to be budget-neutral and never depending on new taxpayer funding.
Progress on stablecoin laws
Lummis mentioned the stablecoin laws is furthest alongside, with the Senate Banking Committee already passing the invoice out of committee.
The progress on stablecoin laws means that there could also be voting exercise within the Senate earlier than the upcoming legislative recess.
She added:
We’re getting near being able to have it on the ground.
The GENIUS Act and its implications
In the meantime, Trump’s high crypto adviser, David Sacks, confirmed that the GENIUS Act — geared toward regulating stablecoins — has bipartisan help and cleared a procedural vote within the Senate on Could 19 by 66 to 32.
The GENIUS Act (Guiding and Establishing Nationwide Innovation for US Stablecoins) targets dollar-pegged stablecoins, which at the moment make up over 85% of the $250 billion stablecoin market.