President Trump Supports New Bill Requiring Purchase of 1 Million Bitcoins
US Senator Cynthia Lummis made a groundbreaking announcement at the Bitcoin 2025 Conference, revealing that President Donald Trump is backing a new bill that mandates the purchase of 1 million Bitcoins. This bold move is set to shake up the cryptocurrency world and could have significant implications for the market.
Bill to be Presented in Congress Next Week
Senator Lummis disclosed that the proposed bill will be introduced to Congress next week, sparking anticipation and speculation among industry players and investors alike. The details of the bill are eagerly awaited, with many wondering how this directive will impact the current state of Bitcoin ownership in the US.
Government’s Bitcoin Holdings Revealed
Lummis also shed light on the US government’s Bitcoin holdings, revealing that they currently possess around 200,000 Bitcoins. This information was reportedly concealed following an audit mandated by the White House, raising eyebrows and prompting further investigation into the government’s cryptocurrency assets.
In the midst of these developments, efforts to regulate cryptocurrency laws are intensifying in Washington. Senate Republicans, focused on establishing stablecoin regulations, are now shifting their attention to the House of Representatives, signaling a coordinated effort to bring about legislative changes in the crypto space.
Upcoming Congressional Hearings and Markup Session
House Financial Services Committee Chairman French Hill has announced a second full committee hearing on crypto market structure scheduled for June 4. This event is expected to provide insights into the updated bill and pave the way for public scrutiny and feedback ahead of the hearing.
Furthermore, a “markup” session is planned for June 10, although it remains uncertain whether the legislation on crypto market structure will be deliberated on that day. President Trump’s push for swift action on stablecoin and market structure legislation within the next 69 days is adding pressure on Congress, with some lawmakers seeking to delay the process in a bid to stall Trump’s pro-crypto agenda.
As the crypto landscape continues to evolve, it is imperative for investors and stakeholders to stay informed and vigilant. The potential impact of these legislative changes on the market cannot be underestimated, and prudent decision-making is crucial in navigating this dynamic environment.
*This is not investment advice.