Cynthia Lummis Tapped to Guide First-Ever Senate Crypto Subcommittee

Senator Cynthia Lummis of Wyoming is reportedly being considered to guide a new committee on online resources.

this would be an amalgam of the Senate Banking Committee. Tim Scott, a native of South Carolina, who has recently stated that bitcoin has the potential to revolutionize the financial industry, has been appointed as its president.

Scott and Lummis just met with Donald Trump’s coming crypto king, David Sacks, at the Wyoming Blockchain Symposium panel in September.

At the time, he had said:” Wouldn’t it be sort of great if we had a committee on the finance committee that focuses on the market, so that we bring more light to the discussion, more trials on the market, so we get things done faster”?

For a committee now exists in the larger House of Representatives, which is also undergoing a management change.

On Thursday, it was announced that Wisconsin’s Bryan Steil will head the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence—with authority over blockchain, stablecoins and CBDCs.

He succeeds Arkansas’s French Hill, who will then lead the House Financial Services Committee’s enshrined position.

Steil has received an” A” rating from the Stand With Crypto campaign group, which indicates that he is firmly in favor of the digital assets sector. The congressman has previously warned that a lack of regulation could lead to “pushing opportunities overseas.”

After his new position was announced, Steil said:” Innovation in the financial services sector provides an exciting option for consumers and businesses, as systems like fiscal applications, digital property, and machine learning revolutionize our economy”.

Donald Trump intends to take the lead of these two crypto-focused departments, especially as it works to implement his pro-Bitcoin promises, with Lummis and Steil’s appointment as their leaders.

Lummis, a frequent speaker on the blockchain conference circuit, was a first to promote Bitcoin and has spearheaded Senate proposals to create a proper Bitcoin reserve.

Last July, she unveiled the Boosting Innovation, Technology and Competitiveness through Optimized Investment ( BITCOIN ) Act, which would require the government to purchase 1 million BTC over a five-year period. This$ 95 billion investment would not be tax-funded, according to Lammis, and would instead use existing funds from the Federal Reserve and the Treasury.

That goes further than what Trump himself has proposed, with the president-elect suggesting that about 200, 000 BTC seized by criminals ( with a current market value of$ 19.2 billion ) could be converted into such a reserve.