Executive orders don't hold the same staying power as legislation, and lawmakers have been working to pass a bill to codify Trump's actions. Last year, Sen. Cynthia Lummis, R-Wyo., and Rep. Nick Begich, R-Alaska, reintroduced the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act.

The bill builds upon the executive order while also including language for acquiring 1 million bitcoin over five years using "budget-neutral strategies."

On Monday, Begich said the bill was being renamed as the American Reserves Modernization Act (ARMA).