Senator Lummis says Trump backs bill to buy 1 million Bitcoin

Senator Lummis revealed that Trump favors a bill proposing the purchase of one million Bitcoin.

Speaking at the 2025 Bitcoin event in Las Vegas, Senator Cynthia Lummis stated that President Trump has thrown his weight behind the BITCOIN Act.

Under this proposed legislation, the United States aims to accumulate one million Bitcoin over five years.

Lummis stated that Trump is not only backing the bill but has also assembled a dedicated White House team to develop broad digital asset legislation.

The Treasury and Federal Reserve will provide funding for the acquisitions from already available assets, ensuring the public will not pay extra taxes.

The Trump administration has previously highlighted this “budget-neutral” method as a key element of its digital asset policy.

Senator Lummis pointed to a deliberate legislative rollout by the administration, beginning with regulating stablecoins, followed by wider market structure changes and the creation of a federal Bitcoin reserve.

“They will probably roll out in that order,” she said.

“The Senate Banking Committee passed the stablecoin bill out of committee,” said Lummis, adding:

“We’re getting close to being ready to have it on the floor. We’ve worked for untold hours with the minority party to satisfy them, and we should vote on it the week before we get back from this break.”

According to Lummis, lawmakers advanced the bill through cross-party collaboration and detailed discussions with minority legislators to build unified support.

David Sacks, Trump’s leading crypto adviser, recently reinforced the growing momentum for stablecoin legislation by announcing that the Senate is expected to support the GENIUS Act on a bipartisan basis.

The Senate advanced the bill past a key procedural vote on May 19, and industry experts see it as the most extensive initiative yet to regulate dollar-pegged stablecoins at the federal level.

Experts in the industry believe that regulations of this kind might enhance the US dollar’s position globally by utilizing blockchain assets.

Stablecoins like USDT from Tether and USDC from Circle currently account for over 85% of the $250 billion market.