FameEX Hot Topics | Trump Backs Legislation to Acquire 1 Million Bitcoin

The Trump administration is advancing a multi-pronged digital asset legislative agenda, beginning with stablecoins, followed by market structure reforms, and culminating in the establishment of a Bitcoin Strategic Reserve. Speaking at the Bitcoin 2025 conference in Las Vegas, Senator Cynthia Lummis confirmed this sequence and underscored her role in pushing these policies forward. She stated that a dedicated team is actively working on each area, with legislation expected to be introduced in that order.

Lummis also reintroduced the BITCOIN Act, a bold proposal directing the U.S. government to accumulate 1 million Bitcoin over five years. She emphasized that President Trump supports the initiative. The plan outlines that these purchases would be made using funds already available within the Federal Reserve System and the Treasury Department, ensuring no new tax burden on American citizens. The administration has repeatedly stressed the importance of using “budget-neutral” methods to build national digital reserves responsibly.

Among the priorities, the stablecoin bill has made the most legislative progress. According to Lummis, the Senate Banking Committee has already approved it, and the legislation is nearing a full Senate vote. She noted that extensive collaboration with members of the minority party has taken place to ensure the bill has bipartisan support. A floor vote is expected shortly after the congressional recess, reflecting growing momentum in digital asset policy.

Meanwhile, David Sacks, the White House’s top crypto adviser, recently confirmed that the GENIUS Act—short for Guiding and Establishing National Innovation for US Stablecoins—is poised to pass. The bill cleared a key Senate procedural hurdle on May 19, and bipartisan support suggests its final passage is within reach.

Stablecoins have become a cornerstone of blockchain-based finance, offering a bridge between digital assets and fiat currencies. Advocates argue that a regulated stablecoin framework can reinforce the U.S. dollar’s global dominance. With stablecoins leading the charge, the Trump administration is setting the stage for a broader transformation of the U.S. financial system through blockchain innovation and Bitcoin-backed reserves.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.