Senator Cynthia Lummis To Lead First-Ever Senate Crypto Subcommittee?

As per a recent Fox Business report, the Senate Banking Committee is getting ready to announce the creation of its first-ever subcommittee dedicated to digital assets. 

The move comes shortly after Republicans took control of the Senate and ahead of President-elect Donald Trump’s inauguration on January 20. This solidifies the GOP’s full control of the government, having already kept the House. It’s seen as a sign that Senate Republicans will focus on crypto legislation and support Trump’s goal of making America the global crypto hub.

Senator Lummis To Lead

Notably, Wyoming Senator Cynthia Lummis Cynthia Lummis   Cynthia Lummis is a U.S. Senator and an advocate of cryptocurrency regulation in the United States. A passionate advocate for Bitcoin, she backs initiatives that foster blockchain advancement while providing regulatory certainty.   Quick Facts   Full name Cynthia Marie Lummis Wiederspahn Birth 10-09-1954, Cheyenne, Wyoming, United States Nationality American Education Juris Doctor from the University of Wyoming Husband/Partner Alvin Wiederspahn Net worth $13 million estimated   Cynthia Lummis introduced the BITCOIN Act of 2025, an innovative legislation that outlines a national cryptocurrency framework aimed at creating a Strategic Bitcoin Reserve (SBR) to improve America’s financial safety, international competitiveness, and economic independence.   Cynthia Lummis - Timeline and Events   2009 – Elected as U.S. Representative for Wyoming. 2013 – Advocated for digital financial innovation in Congress. 2020 – Elected as U.S. Senator, openly supporting Bitcoin. 2021 – Formed the Financial Innovation Caucus for crypto legislation. 2022 – Co-introduced the Lummis-Gillibrand Responsible Financial Innovation Act. 2023 – Pushed for clearer crypto regulations in the U.S. Senate. 2024 – Continued advocating for Bitcoin-friendly policies in Congress.   Through her efforts in Congress, she aims to establish the U.S. as a worldwide leader in blockchain technology, promoting financial innovation while safeguarding investor protection.   Useful Links To Connect With Cynthia Lummis   Platform Link X (formerly Twitter) twitter.com/CynthiaMLummis LinkedIn profile linkedin.com/in/cynthia-lummis Bitcoin policy blog bitcoinpolicyinstitute.org Official website lummis.senate.gov   Useful Links To Connect With Cynthia Lummis   Platform Link X (formerly Twitter) twitter.com/CynthiaMLummis LinkedIn profile linkedin.com/in/cynthia-lummis Bitcoin policy blog bitcoinpolicyinstitute.org Official website lummis.senate.gov     Investor is reportedly being tapped to lead the new subcommittee which is being created under the Senate Banking Committee, chaired by South Carolina’s Tim Scott. Scott has previously stated that crypto has the potential to democratize the financial world. Lummis, a strong crypto advocate, has previously proposed the creation of a U.S. Bitcoin reserve.

Tim Scott recently discussed creating a subcommittee within the Senate Banking Committee to focus on the crypto industry, aiming to speed up progress and bring more attention to it. 

Notably, a similar subcommittee already exists in the House of Representatives, which is also undergoing leadership changes. Wisconsin’s Bryan Steil will chair the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, overseeing crypto, stablecoins, and CBDCs.

• Also Read :
•   Crypto Market Today (Jan 11th, 2025): Bitcoin Price Struggles to Build Momentum, While Bitcoin SV Surges 14%
• ,

Trump’s Strategy To Push Pro-Bitcoin Vision

Bryan Steil welcomed his new role, emphasizing the potential of digital assets and technology in reshaping the economy. The selection of Lummis and Steil to lead crypto-focused subcommittees highlights Trump’s strategy to use Republican control to strongly push forward his pro-Bitcoin vision.

Last July, Lummis introduced the BITCOIN Act, aiming for the government to purchase 1 million BTC over five years, valued at $95 billion. She emphasized that this investment wouldn’t use taxpayer money, but rather existing funds from the Federal Reserve and Treasury. This proposal exceeds Trump’s plan, which suggests using 200,000 BTC seized from criminals, worth $19.2 billion, for a similar reserve.