Wyoming Senator Cynthia Lummis is reportedly being tapped to lead a new subcommittee focusing on digital assets. According to FOX Business, this would be an offshoot of the Senate Banking Committee. It has a new chairman in the form of South Carolina’s Tim Scott, who has previously said “crypto has the potential to democratize the financial world.” Scott recently held a meeting with Donald Trump’s incoming crypto czar David Sacks, and appeared with Lummis at a panel of the Wyoming Blockchain Symposium last September.
At the time, he had said: “Wouldn’t it be kind of cool if we had a subcommittee on the banking committee that focuses on the industry, so that we bring more light to the conversation, more hearings on the industry, so we get things done faster?”
Such a subcommittee already exists in the larger House of Representatives, which is also undergoing a leadership change. On Thursday, it was announced that Wisconsin’s Bryan Steil will chair the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence—with jurisdiction over crypto, stablecoins and CBDCs. He succeeds Arkansas congressman French Hill, who in turn becomes chairman of the overarching House Financial Services Committee.
At the time, he had said: “Wouldn’t it be kind of cool if we had a subcommittee on the banking committee that focuses on the industry, so that we bring more light to the conversation, more hearings on the industry, so we get things done faster?” Such a subcommittee already exists in the larger House of Representatives, which is also undergoing a leadership change.
On Thursday, it was announced that Wisconsin’s Bryan Steil will chair the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence—with jurisdiction over crypto, stablecoins and CBDCs.He succeeds Arkansas congressman French Hill, who in turn becomes chairman of the overarching House Financial Services Committee.
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. Lummis has stressed this $95 billion investment would not be taxpayer funded, and instead use existing funds across 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.
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