US President Trump Backs BITCOIN Act, White House Experts Working on Digital Asset Legislation

Wyoming Senator Cynthia Lummis revealed at the Bitcoin 2025 conference in Las Vegas that US President Donald Trump is in favor of the BITCOIN Act. The White House has a team dedicated to introducing significant digital asset laws soon. The BITCOIN Act, reintroduced by Lummis in March, aims for the US government to acquire 1 million Bitcoin over five years using existing funds. Trump's administration emphasizes acquiring Bitcoin in a budget-neutral manner. Lummis mentioned that the administration is focusing on stablecoins, market structure, and the Bitcoin Strategic Reserve. The Senate Banking Committee has advanced the stablecoin bill, with bipartisan support expected. The GENIUS stablecoin bill, aimed at establishing a legal framework for dollar-pegged stablecoins, is making progress. Stablecoins, like Tether's USDt and Circle's USDC, are crucial in blockchain technology, potentially extending the US dollar's global dominance as a reserve currency. Read more AI-generated news on: https://app.chaingpt.org/news