Senator Cynthia Lummis has been appointed Chair of the newly formed U.S. Senate Digital Assets Banking Subcommittee. The appointment was announced by Senate Banking Committee Chairman Tim Scott, who commended Lummis for her leadership on digital asset legislation.
Senator Lummis, a staunch advocate of Bitcoin and blockchain technology, expressed his vision for the United States to lead in financial innovation with a strategic approach to digital assets. “Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress must urgently pass bipartisan legislation that establishes a comprehensive legal framework for digital assets and strengthens the U.S. dollar with a strategic bitcoin reserve,” Lummis said.
Senator Tim Scott echoed this sentiment, calling blockchain technology and cryptocurrencies transformative forces for the financial sector. “There is no better representative for the industry than my friend Cynthia Lummis,” Scott said.
The Senate Banking Digital Assets Subcommittee will focus on two primary goals during the 119th Congress:
- Crafting bipartisan legislation to foster responsible digital asset innovation, address market structure, regulate stablecoins, and create a strategic Bitcoin reserve.
- Overseeing federal financial regulators to ensure compliance with existing laws and prevent recurrence of initiatives like Operation Chokepoint 2.0.
The announcement caught the attention of the crypto community, with former Binance CEO Changpeng Zhao (CZ) retweeting Lummis’ appointment, commenting: “US Strategic Bitcoin Reserve almost finalized. Crypto is moving at crypto speed again.”
*This is not investment advice.
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