Senator Cynthia Lummis is a Republican from Wyoming. The newly-established Senate Banking Subcommittee on Digital Assets has named Senator Cynthia Lummis as its first chairman, according to the Jan. 23 announcement. The announcement was made by.
Lummis is now at the helm for legislative efforts in crafting a US regulatory framework to govern blockchain technology.
Senator Lummis expressed excitement for the new position. She is known as a strong Bitcoin (BTC), advocate.
“Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets.”
Lummis emphasized that a national Bitcoin Reserve could be a way to position the US in the crypto-pioneering world. Last year, she introduced legislation for the Bitcoin Act at the Bitcoin2024 conference held in Nashville.
It will focus on passing legislation that is bipartisan and focuses on consumer protections, market structure, and stablecoins. The subcommittee will oversee the federal financial regulators in order to enforce compliance with law and stop initiatives such as “Operation Chokepoint 2.0,”Some legislators view this overreach as a regulatory abuse.
Scott described Lummis, as an ideal leader to lead this subcommittee. She was also described as a staunch advocate of cryptography and blockchain.
He said:
“Since day one, Senator Lummis has been a leader on digital assets legislation. Working with the Trump administration and our colleagues in the House, we will advance a commonsense regulatory framework to facilitate innovation here in the United States, not overseas.”
Senators Thom Tillis, Bill Hagerty and Bernie Moreno are bipartisan members. Ruben Galego is a Democrat from Arizona. Mark Warner represents the Democratic Party of Virginia. Chris Van Hollen represents the Democratic party in Maryland.Tina Smith, D-Minn. Gallego will be the ranking member, highlighting the subcommittee’s commitment to bipartisan collaboration.
The industry has been elated by the announcement. Dennis Porter is the co-founder of Satoshi Action Fund and its CEO. The following are some of the ways to get in touch with each other Lummis’ appointment was “a huge step forward”The proposed Strategic Bitcoin Reserve is a good example of how to advance meaningful legislation.
Changpeng Zhao, the former Binance CEO called the idea of a US Bitcoin reserve “pretty much confirmed” and commended the speed at which crypto developments unfold.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
