It is with no small measure of astonishment that one learns of the esteemed President Donald Trump’s endorsement of the BITCOIN Act, a piece of legislation that has captured the attention of none other than the illustrious Senator Cynthia Lummis of Wyoming. It appears that a cadre of experts within the hallowed halls of the White House is diligently laboring to unveil this momentous digital asset legislation in the not-so-distant future.
At the recent Bitcoin 2025 conference, held in the dazzling city of Las Vegas, Senator Lummis proclaimed her intention to bring the BITCOIN ACT to the “attention of the American people and the world,” whilst cheerfully noting, “President Trump supports the bill.” One can only imagine the fervor with which this news was received!
In the month of March, the indefatigable Lummis reintroduced the BITCOIN Act, which mandates that the US government procure a staggering one million Bitcoin (BTC) over the span of five years. Such acquisitions, it is said, shall be financed through the existing coffers of the Federal Reserve System and the Treasury Department. How delightfully convenient! 💰
As reported by the ever-reliable CryptoMoon, the Trump administration has reiterated its commitment to employing “budget-neutral ways” to acquire Bitcoin, thereby sparing the good taxpayers from undue burden. A noble endeavor, indeed!
During the Bitcoin Conference, Senator Lummis further enlightened the audience regarding the Trump administration’s dedicated team addressing “digital asset issues,” which encompass legislation on stablecoins, market structure, and the Bitcoin Strategic Reserve. “They will probably roll out in that order,” she quipped, with a twinkle in her eye.
“The Senate Banking Committee has passed the stablecoin bill out of committee,” Lummis declared, adding with a hint of triumph:
“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 be voting on it the week before we get back from this break.”
GENIUS Act on stablecoins is “going to pass,” says White House crypto czar
It appears that the White House is in harmonious accord with Senator Lummis. Last week, Trump’s esteemed crypto adviser, David Sacks, confidently asserted that the GENIUS stablecoin bill is “going to pass” the Senate with bipartisan support, having successfully navigated a key procedural vote on May 19. How splendid!
GENIUS, an acronym for the Guiding and Establishing National Innovation for US Stablecoins Act, may well represent the most comprehensive federal initiative to establish a legal framework for dollar-pegged stablecoins. One can only hope that it lives up to its illustrious name!
Stablecoins have emerged as a most prominent application of blockchain technology, with certain industry advocates positing that they could extend the US dollar’s reign as the global reserve currency. How very ambitious!
Indeed, collateralized, dollar-backed stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC) account for over 85% of the $250 billion market, according to CoinMarketCap. A veritable fortune, one might say!
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2025-05-28 01:03