Summary
The administration of Donald Trump is working diligently to implement stablecoin-related bills and establish a stable market structure. Wyoming Senator Cynthia Lummins recently stated that U.S. President Donald Trump supports the Bitcoin Act, and his legal expert team in the White House is working to introduce legislation on digital assets like stablecoins in the next weeks. She announced her plans to launch a new bill aimed at establishing a U.S. strategic Bitcoin reserve to purchase $1 million BTC at the Bitcoin 2025 Conference in Las Vegas, Nevada.
“Attention of the American people and the world, President Donald Trump supports the bill” – Wyoming Senator Cynthia Lummins
Wyoming Senator Cynthia Lummins has attended the Bitcoin 2025 conference in Las Vegas and announced a big update regarding the ‘Bitcoin Act’. She stated that President Donald Trump supports the ‘Bitcoin Act,’ which includes the purchase of 1 million Bitcoin (BTC) and is expected to be introduced to Congress the following week. Lummins reintroduced her plans to launch a strategic Bitcoin reserve in March, and the administration has been actively working on and trying to implement it as early as possible.
Lummins announced that the newly elected Trump administration has an active team working behind the Bitcoin Act and other digital asset issues, such as stablecoin legislation, market structure, and Bitcoin reserve. She claimed that the Senate Banking Committee has officially passed the stablecoin bill out of committee, and it will roll out soon. Senator Lummins added that they were getting close to being ready to have it on the floor. She mentioned that they had worked for untold hours with the minority party to satisfy them and that they should be voting on it the week before they got back from the break.
The bill introduced by Senator Cynthia Lummins aims to establish a U.S. strategic reserve for $1 million in Bitcoins over five years. All the acquisitions in the strategic reserve would be backed using existing funds within the Treasury Department and the Federal Reserve system, so that taxpayers don’t need to bear any extra burden.
Also Read: IMF To Ensure That El Salvador Does Not Buy More Bitcoin
Senator Cynthia Lummins’s Comments on Stablecoin Bill and Market Structure
Lummins commented on the needs and upcoming plans of the stablecoin bill and market structure at the 2025 Bitcoin Conference in Las Vegas. Senator Lummins stated that the market structure bills were probably more important to many people at the conference than the stablecoin bill, because there were a lot of businesses, including theirs. He mentioned that there were businesses for people who either bought and held Bitcoin, so they wanted a custodial service, or there were companies that lent Bitcoin. He noted that there was a futures market for Bitcoin and highlighted that there were numerous ways in which Bitcoin could interface with fiat currency, specifically with the US dollar.
She also stated that they were 37 trillion dollars in debt and that if they bought and held a million Bitcoins for 20 years, it would cut that debt in half. She asserted that they had underperforming assets that could be converted to Bitcoin without borrowing additional money. He emphasized that Bitcoin was such an important global strategic asset, noting that it was not only significant in the economy but also in their global defense due to its components related to defense.
During the conference, she also mentioned some of the biggest problems lawmakers have been facing related to digital assets. She stated that part of the problem in the last four years had largely been regulatory agencies that had been very hostile towards digital assets, and that they were trying to change as fast as they could. She added that it didn’t happen overnight and mentioned that they didn’t even have a confirmed IRS director in place yet, which made it really hard to get those structural changes enacted by the rule makers at the IRS when there was no IRS commission yet in place.