Trump supports bill to buy 1 million BTC — Senator Lummis

US President Donald Trump supports the BITCOIN Act and has a squad of experts successful the White House moving to rotation retired landmark integer plus authorities successful the coming weeks, according to Wyoming Senator Cynthia Lummis. 

Speaking astatine the Bitcoin 2025 league successful Las Vegas, Nevada, Lummis said she is bringing the BITCOIN ACT to the “attention of the American radical and the world,” adding that, “President Trump supports the bill.”

In March, Lummis reintroduced the BITCOIN Act — landmark authorities that directs the US authorities to get 1 cardinal Bitcoin (BTC) implicit 5 years. The acquisitions would beryllium financed utilizing existing funds wrong the Federal Reserve System and the Treasury Department. 

As Cointelegraph reported, the Trump medication has reiterated the request to usage “budget-neutral ways” to get Bitcoin without burdening taxpayers.

Source: CryptoGoos

At the Bitcoin Conference, Lummis said the Trump medication has a squad moving connected “digital plus issues,” including legislation connected stablecoins, marketplace operation and the Bitcoin Strategic Reserve.

“They volition astir apt rotation retired successful that order,” she said.

“The Senate Banking Committee has passed the stablecoin measure retired of committee,” said Lummis, adding:

“We’re getting adjacent to being acceptable to person it connected the floor. We’ve worked for untold hours with the number enactment to fulfill them, and we should beryllium voting connected it the week earlier we get backmost from this break.”

Related: Senator Lummis’ caller BITCOIN Act allows US reserve to transcend 1M Bitcoin

GENIUS Act connected stablecoins is “going to pass,” says White House crypto czar

The White House seems to beryllium successful alignment with Senator Lummis.

Last week, Trump’s apical crypto adviser, David Sacks, said the GENIUS stablecoin measure is “going to pass” the Senate with bipartisan enactment aft clearing a cardinal procedural vote connected May 19.

On May 19, the Senate voted 66 to 32 to beforehand statement connected the GENIUS Bill. Source: US Senate

GENIUS refers to the Guiding and Establishing National Innovation for US Stablecoins Act, perchance the astir broad national propulsion to found a ineligible model for dollar-pegged stablecoins.

Stablecoins person go 1 of the astir salient usage cases for blockchain technology, with immoderate manufacture advocates arguing that they could assistance widen the US dollar’s dominance arsenic the planetary reserve currency.

Collateralized, dollar-backed stablecoins similar Tether’s USDt (USDT) and Circle’s USDC (USDC) relationship for much than 85% of the $250 cardinal market, according to CoinMarketCap.

Related: Former CFTC seat criticizes STABLE Act amid calls for urgent regulatory clarity