US Senator Cynthia Lummis announced at the Bitcoin 2025 Conference that President Donald Trump supports a new bill that requires the purchase of 1 million Bitcoins.
According to Lummis’ statement, the bill in question will be on the Congressional agenda next week.
Lummis said the US government currently believes it has around 200,000 Bitcoins, but that information was “covered up” after an audit mandated by the White House. The senator also noted that he was offered a special briefing on the matter.
In Washington, activity regarding cryptocurrency laws continues. Senate Republicans, who have been working hard for stablecoin regulations for the last two weeks, are now turning their eyes to the House of Representatives.
House Financial Services Committee Chairman French Hill announced that a second full committee hearing on crypto market structure will be held on June 4. Sources familiar with the process say the updated bill is expected to be shared with the public ahead of the hearing.
A “markup” session is also scheduled for June 10. However, it remains unclear whether the law on crypto market structure will be discussed that day.
President Trump’s goal of having stablecoin and market structure legislation reach his desk within the next 69 days is increasing pressure on Congress, with some Senate Democrats and a small number of Republicans in particular delaying bringing the GENIUS Act to a vote in an effort to slow Trump’s pro-crypto agenda.
*This is not investment advice.