5 months ago
Senator Cynthia Lummis (R-Wyo.) has been named the archetypal seat of the recently established Senate Banking Subcommittee connected Digital Assets, according to a Jan. 23 announcement.
As a result, Senate Banking Committee Chair Tim Scott (R-S.C.) places Lummis astatine the helm of legislative efforts to trade a regulatory model for blockchain exertion and crypto successful the US.
Senator Lummis, known for her beardown Bitcoin (BTC) advocacy, expressed her enthusiasm for the caller role:
“Digital assets are the future, and if the United States wants to stay a planetary person successful fiscal innovation, Congress needs to urgently walk bipartisan authorities establishing a broad ineligible model for integer assets.”
Lummis besides emphasized the strategical value of bolstering the US dollar with a nationalist Bitcoin reserve, a connection that could presumption the US arsenic a crypto trailblazer. She introduced the Bitcoin Act authorities past twelvemonth astatine the Bitcoin 2024 league successful Nashville.
The subcommittee volition prioritize passing bipartisan authorities focused connected marketplace structure, stablecoins, and user protections. It volition besides oversee national fiscal regulators to guarantee compliance with the instrumentality and forestall initiatives similar “Operation Chokepoint 2.0,” which immoderate lawmakers presumption arsenic an overreach by regulators.
Scott praised Lummis arsenic the perfect person for this caller subcommittee and described her arsenic a steadfast champion of blockchain exertion and crypto.
He said:
“Since time one, Senator Lummis has been a person connected integer assets legislation. Working with the Trump medication and our colleagues successful the House, we volition beforehand a commonsense regulatory model to facilitate innovation present successful the United States, not overseas.”
The bipartisan creation of the subcommittee includes Senators Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Bernie Moreno (R-Ohio), Dave McCormick (R-Pa.), Ruben Gallego (D-Ariz.), Mark Warner (D-Va.), Chris Van Hollen (D-Md.), and Tina Smith (D-Minn.). Gallego volition beryllium the ranking member, highlighting the subcommittee’s committedness to bipartisan collaboration.
The announcement has sparked optimism among the industry. Dennis Porter, co-founder and CEO of Satoshi Action Fund, said Lummis’ assignment was “a immense measurement forward” for advancing meaningful legislation, including the projected Strategic Bitcoin Reserve.
Meanwhile, erstwhile Binance CEO Changpeng Zhao called the thought of a US Bitcoin reserve “pretty overmuch confirmed” and commended the velocity astatine which crypto developments unfold.
The station Cynthia Lummis nominated to pb caller Senate Banking Subcommittee connected Digital Assets appeared archetypal connected CryptoSlate.
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