The Trump administration is working on legislation related to stablecoins, market structure, and the Strategic Bitcoin Reserve 'in that order'.
U.S. President Donald Trump supports the BITCOIN Act and has a team of experts in the White House working to launch historic legislation on digital assets in the coming weeks, according to Wyoming Senator Cynthia Lummis.
Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Lummis stated that she is bringing the BITCOIN Act to the 'attention of the American people and the world,' adding that 'President Trump supports the bill.'
In March, Lummis reintroduced the BITCOIN Act — innovative legislation that instructs the U.S. government to acquire 1 million Bitcoin over five years. The acquisitions would be funded with existing funds within the Federal Reserve System and the Department of the Treasury.
The Trump administration reiterated the need to use 'budget-neutral methods' to acquire Bitcoin without burdening taxpayers.
At the conference, Lummis stated that the Trump administration has a team working on 'digital asset issues,' including legislation on stablecoins, market structure, and the Strategic Bitcoin Reserve.
'They will probably be launched in that order,' he stated.
'The Senate Banking Committee has already approved the stablecoins bill,' Lummis added, saying:
'We are close to putting it to a vote on the floor. We have worked countless hours with the minority party to reach a consensus, and we should vote the week before we return from recess.'
The White House seems to be aligned with Senator Lummis.
Last week, Trump's top crypto advisor, David Sacks, stated that the GENIUS bill on stablecoins 'will pass' in the Senate with bipartisan support following approval in a procedural vote on May 19.
GENIUS refers to the Guiding and Establishing National Innovation for US Stablecoins Act, possibly the largest federal effort to establish a legal framework for dollar-pegged stablecoins.
Stablecoins have become one of the main use cases for blockchain technology, with some advocates arguing that they can help prolong the dollar's dominance as a global reserve currency.
Collateralized and dollar-backed stablecoins, such as Tether's USDt and Circle's USDC, represent over 85% of the $250 billion market, according to data from CoinMarketCap.