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 senator from Wyoming, United States. She has a net worth ranging from $20 million and $75 million. On her son-in-law's advice, she purchased Bitcoin and became the first U.S senator to possess cryptocurrency. She possesses no less than $230,000 worth of Bitcoin. She adopted office on January 3, 2021, the term terminates on January 3, 2027. She has always been focused on advocating for Wyoming's future. She struggled her entire career fighting for Wyoming families, communities, businesses, and values. Beginning at the halls of the Wyoming House to the Halls of the U.S. House.    Lummis was born on September 10, 1954, and graduated from the University of Wyoming, earning a bachelor's degree in animal science, and biology. She also achieved a Juris Doctor from the University of Wyoming College of Law. Her career experience comprises working as general counsel to previous Wyoming Governor Jim Geringer, Wyoming House of Representatives, as a treasure of Wyoming, and in the United States House of Representatives from Wyoming's at-large congressional district.   In 1990, she also worked as the chair of Mary Mead's gubernatorial campaign and Ray Hunkins's gubernatorial campaign, in 2006, also served on Bob Dole's presidential steering committee in Wyoming. Through her firmly beneficial crypto position, she developed the reception and fair guidelines of computerized resources in the United States. She voluntarily organized a great foundation for herself as a significant Bitcoin financial backer. She is professed to continue encouraging the developing cryptocurrencies industry in the United States and all over the world in 2022. Her urge for transparency on cryptographic forms of money and stable coins in U.S. regulation will maintain on becoming tremendous. She had been always looking for a store of value, and she believes bitcoin specifically is a great store of value and knew that scarcity will protect its value going into the future, unlike the U.S. dollar that they are printing more of every single day.    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.

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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.