U.S. President Trump Backs Bitcoin Legislation for Strategic Reserve

According to PANews, U.S. President Donald Trump has expressed support for the BITCOIN Act, which mandates the U.S. government to acquire one million bitcoins over the next five years. The funding for this initiative will be sourced from existing reserves of the Federal Reserve and the Treasury Department. The announcement was made by Wyoming Senator Cynthia Lummis at the Bitcoin 2025 conference. The White House has assembled a team of experts to advance digital asset legislation, focusing on stablecoins, market structure, and a strategic bitcoin reserve. These legislative efforts are expected to be introduced sequentially. Senator Lummis noted that the Senate Banking Committee has already passed the stablecoin bill, and after consultations with the minority party, a full Senate vote is anticipated within a week of reconvening. David Sacks, Trump's chief crypto advisor, previously stated that the GENIUS Stablecoin Act received procedural approval with a 66:32 vote on May 19, and is likely to gain bipartisan support for final passage.