US President Donald Trump supports the BITCOIN Act and has a team of experts in the White House working to roll out landmark digital asset legislation in the coming weeks, according to Wyoming Senator Cynthia Lummis. 

Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Lummis said she is bringing the BITCOIN ACT to the “attention of the American people and the world,” adding that, “President Trump supports the bill.”

In March, Lummis reintroduced the BITCOIN Act — landmark legislation that directs the US government to acquire 1 million Bitcoin (BTC) over five years. The acquisitions would be financed using existing funds within the Federal Reserve System and the Treasury Department. 

As Cointelegraph reported, the Trump administration has reiterated the need to use “budget-neutral ways” to acquire Bitcoin without burdening taxpayers.

Source: CryptoGoos

At the Bitcoin Conference, Lummis said the Trump administration has a team working on “digital asset issues,” including legislation on stablecoins, market structure and the Bitcoin Strategic Reserve.

“They will probably roll out in that order,” she said.

“The Senate Banking Committee has passed the stablecoin bill out of committee,” said Lummis, adding:

“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.”

Related: Senator Lummis’ new BITCOIN Act allows US reserve to exceed 1M Bitcoin

GENIUS Act on stablecoins is “going to pass,” says White House crypto czar

The White House seems to be in alignment with Senator Lummis.

Last week, Trump’s top crypto adviser, David Sacks, said the GENIUS stablecoin bill is “going to pass” the Senate with bipartisan support after clearing a key procedural vote on May 19.

On May 19, the Senate voted 66 to 32 to advance debate on the GENIUS Bill. Source: US Senate

GENIUS refers to the Guiding and Establishing National Innovation for US Stablecoins Act, possibly the most comprehensive federal push to establish a legal framework for dollar-pegged stablecoins.

Stablecoins have become one of the most prominent use cases for blockchain technology, with some industry advocates arguing that they could help extend the US dollar’s dominance as the global reserve currency.

Collateralized, dollar-backed stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) account for more than 85% of the $250 billion market, according to CoinMarketCap.

Related: Former CFTC chair criticizes STABLE Act amid calls for urgent regulatory clarity

Building a permanent US strategic Bitcoin reserve would likely require targeted legislation rather than executive action, according to VanEck’s head of digital assets, Matthew Sigel. Speaking at Bitcoin 2025 in Las Vegas, Sigel said the most viable path forward may involve inserting Bitcoin mining incentives into the congressional budget reconciliation process.

According to Sigel, the most effective path to growing a US strategic Bitcoin reserve would be through targeted amendments to congressional budget legislation. These could include tax credits for mining companies that use methane gas and other incentives aimed at encouraging miners to share a portion of their mined BTC with the federal government.

He argued that such an approach would allow the reserve to grow organically over time. Sigel also highlighted the limitations of executive actions in achieving this goal:

“The problem with executive action is that it’s going to prompt lawsuits. And anything over $100 million is going to get sued by the Elizabeth Warrens of the world. So, I would say start with something maybe in the Exchange Stabilization Fund for $100 million.”

US President Donald Trump established the US Bitcoin Strategic Reserve through a March 7 executive order. According to the order, the US government can only acquire Bitcoin through budget-neutral strategies or asset forfeiture, prompting a range of different ideas on how to add to the government’s stockpile of nearly 200,000 BTC.

From left to right, Alex Thorn, Matthew Sigel, Matthew Pines and Fred Thiel. Source: Turner Wright/Cointelegraph

Related: Bitcoin’s new highs may have been driven by Japan bond market crisis

Lawmakers, officials pitch different ideas to grow strategic Bitcoin reserve

Wyoming Senator Cynthia Lummis, the US lawmaker who introduced legislation for a Bitcoin strategic reserve in July 2024, proposed converting a portion of the gold certificates held by the US Treasury to Bitcoin.

Converting gold to Bitcoin would allow the US government to purchase more Bitcoin without incurring a cost to the taxpayer, Lummis said.

Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, echoed the idea in March 2025.

Hines called on the US Treasury to revalue its gold holdings, which are currently priced at just $42.22 per troy ounce, and convert a portion of those gains to Bitcoin. This strategy would also be budget-neutral, Hines said.

The price of gold reached an all-time high of $3,500 per ounce in April but experienced a minor pullback to around $3,300 on May 27.

Magazine: TradFi fans ignored Lyn Alden’s BTC tip — Now she says it’ll hit 7 figures: X Hall of Flame

Wall Street financial firm Cantor Fitzgerald has closed its first Bitcoin lending deal nearly a year after announcing its crypto lending services.

According to a May 27 Bloomberg report, Cantor provided Bitcoin-backed loans to FalconX and Maple Finance. FalconX, a digital asset broker, said it secured a facility worth over $100 million as part of a “broader credit framework,” while Maple Finance reportedly closed the first tranche of an agreement with Cantor.

The service allows companies holding Bitcoin to borrow funds and use the cryptocurrency as collateral, providing a way to unlock liquidity without selling their BTC holdings. Cantor announced its Bitcoin financing business with an initial capital of $2 billion in July 2024, targeting institutional investors seeking to leverage their Bitcoin. At the time, the company said Anchorage Digital and Copper would serve as custodians and collateral managers in the venture.

Credit markets are a fundamental part of the financial system, allowing capital to flow between borrowers and lenders and supporting economic activity across sectors. Their central role also means they can contribute to financial distress when risks are mismanaged. While mirroring some functions of traditional finance, crypto credit markets have been operating with less regulatory oversight.

Digital asset crisis of 2022

This dynamic was evident during the 2022 crisis in the digital asset sector. Celsius Network, once a leading crypto lending platform, collapsed after engaging in risky financial practices and facing allegations of fraud. Similarly, BlockFi filed for Chapter 11 bankruptcy in November 2022 following significant exposure to the collapse of crypto exchange FTX.

According to a report from Galaxy, the total crypto lending market, including crypto-backed collateralized debt positions (CDPs) tied to stablecoins, stood at $36.5 billion in the last quarter of 2024, marking a 43% decline from its all-time high of $64.4 billion in 2021. Despite the broader contraction, onchain lending platforms have seen a dramatic rebound, with open borrowed positions surging to $19.1 billion by Q4 2024, a 959% increase over two years.

Crypto lending markets remain well below their Q1 2022 peak. Source: Galaxy

Cantor’s crypto arm

Cantor is one of the most traditional financial services companies in the United States. Founded in 1945, it offers a range of services for institutions, including investment banking, brokerage, equity and fixed-income sales and trading. The company claims to serve over 5,000 clients across 20 countries.

The company’s CEO, Howard Lutnick, has been an advocate for classifying Bitcoin as a commodity, akin to gold and oil, and has called for clearer regulatory frameworks for cryptocurrencies in the US. Lutnick was also appointed to co-lead US President Donald Trump’s transition team in 2024.

Cantor is also one of the managers of Tether’s US Treasury securities portfolio backing its stablecoin. In early 2024, the firm acquired a 5% stake in Tether.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom