Senator Cynthia Lummis To Lead First-Ever Senate Crypto Subcommittee?
According to a recent report from Fox Business ReportThe Senate Banking Committee is preparing to announce the creation of its first subcommittee dedicated to digital assets.
The move comes shortly after Republicans took control of the Senate and ahead of President-elect Donald Trump’s Jan. 20 inauguration. This solidifies Republicans’ complete control of the government while retaining the House of Representatives. This is seen as a sign that Senate Republicans will focus on cryptocurrency legislation and support Trump’s goal of making the United States a global cryptocurrency hub.
senator loomis leadership
Notably, Wyoming Senator Cynthia Lummis has reportedly been appointed to lead a new subcommittee created under the Senate Banking Committee, chaired by South Carolina’s Tim Scott . Scott has previously said that cryptocurrencies have the potential to democratize the financial world. Lummis is a strong advocate of cryptocurrencies and has previously proposed the creation of a U.S. Bitcoin reserve.
Tim Scott recently discussed creating a subcommittee within the Senate Banking Committee focused on the cryptocurrency industry in an effort to speed up progress and draw more attention.
Notably, a similar subcommittee already exists in the House, which is also undergoing a leadership change. Bryan Steil of Wisconsin will serve as chairman of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, responsible for overseeing cryptocurrencies, stablecoins, and CBDCs.
Trump pushes strategy to support Bitcoin vision
Bryan Steil welcomed his new role and highlighted the potential of digital assets and technology to reshape the economy. The selection of Lummis and Steil to lead the cryptocurrency-focused subcommittee highlights Trump’s strategy of using Republican control to aggressively advance his pro-Bitcoin vision.
In July last year, Lummis introduced the Bitcoin Act, which aimed to allow the government to purchase 1 million Bitcoins worth $95 billion within five years. She emphasized that the investment would not use taxpayer money, but would use existing funds from the Federal Reserve and Treasury. The proposal goes beyond Trump’s plan, which suggested using 200,000 Bitcoins (valued at $19.2 billion) seized from criminals as a similar reserve.
