Senator Cynthia Lummis announced today that she will be the first Chair of the new Senate Banking Subcommittee on Digital Assets. She claimed that her main priorities are creating an industry-friendly regulatory framework and a US Bitcoin Reserve.
Lummis has already demonstrated a long-term commitment to these goals, but her role in this Subcommittee will not be enough to pass them alone. Trump will need to maintain his active political support to realize these ambitious goals.
Lummis To Chair Digital Assets Subcommittee
Senator Cynthia Lummis has been an ally of friendly crypto regulation long before this Subcommittee was created. Last year, she became a clear leader in the legislative pro-crypto movement. She has persistently criticized harsh regulations and advocated for a US Bitcoin Reserve.
Earlier today, Lummis announced her Subcommittee Chair appointment, increasing her prominence:
“Digital assets are the future, and if the US wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets and that strengths the US dollar with a strategic bitcoin reserve,” Lummis claimed in her announcement.
Since President Trump assumed office this week, a new era for US crypto regulation has begun. Before his inauguration, he declared his intention to create this Senate Subcommittee. Senator Lummis was already tapped to become its Chair, but this appointment was officially confirmed today.
Key members of the crypto community have begun expressing skepticism about Trump’s real commitment to the industry, especially after he snubbed it in day one executive orders.
However, his pardon of Silk Road founder Ross Ulbricht smoothed over some of these concerns. Now that Senator Lummis will chair this new Subcommittee, confidence is further increasing.
In her initial announcement, Lummis was quite clear that she has two priorities as Subcommittee Chair: supporting good regulation and the burgeoning movement for a US Bitcoin Reserve.
Considering her long history of advocating for these issues, it seems safe to claim that she will pursue these goals actively.
However, ultimately, this will not be sufficient to create these sweeping changes. Some industry leaders believe the Senate will not support it, and Biden’s outgoing administration made efforts to sell the existing stockpile.
In the end, Lummis will have an influential voice as the Chair of this new Subcommittee, but Trump will need to provide his own active support.
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