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Senator Cynthia Lummis to Lead Senate Subcommittee on Digital Assets, Focus on Strategic Bitcoin Reserve and Bipartisan Legislation

Jan 27, 2025, 07:20 PM

Senator Cynthia Lummis from Wyoming has been appointed as the first-ever chair of the Senate Banking Subcommittee on Digital Assets. Her role will focus on crafting bipartisan legislation to regulate digital assets, such as Bitcoin, and to establish a strategic Bitcoin reserve. Lummis, a known advocate for digital currencies, aims to advance legislation that will secure the financial future of the country by creating a comprehensive legal framework for digital assets during the 119th Congress. This framework will address market structure, stablecoins, and the strategic Bitcoin reserve. The subcommittee's priorities include passing bipartisan digital asset legislation and overseeing federal regulators to prevent initiatives like 'Operation Chokepoint 2.0' that could harm the crypto industry. The subcommittee includes senators from both parties, such as Thom Tillis, Bill Hagerty, Ruben Gallego, and Mark Warner, with Gallego serving as the ranking member. Industry leaders, including Dennis Porter of the Satoshi Action Fund, have expressed optimism about the potential for advancing related legislation. The establishment of this subcommittee is seen as a significant step towards integrating digital assets into the broader financial system in the U.S.