Senator Cynthia Lummis Will Lead the First-Ever Senate Cryptocurrency Subcommittee?

According to what was recently published by Fox Business a reportThe Senate Banking Committee is preparing to announce the creation of its first-ever subcommittee dedicated to digital assets.

This move comes shortly after Republicans took control of the Senate and before the president-elect Donald Trump’s inauguration On January 20th. This would consolidate the Republican Party’s full control of government, having already held the House of Representatives. It is seen as a sign that Senate Republicans will focus on cryptocurrency legislation and support Trump’s goal of making America a global cryptocurrency hub.

Senator Lummis to lead

It is worth noting that Wyoming Senator Cynthia Loomis Cynthia Loomis Cynthia Lummis is a Senator from Wyoming, United States. She has a net worth between $20 million and $75 million. On the advice of her brother-in-law, she bought Bitcoin and became the first US senator to own cryptocurrency. She owns at least $230,000 in Bitcoin. She assumed office on January 3, 2021, and the term expires January 3, 2027. She has always been focused on advocating for Wyoming’s future. She has fought for Wyoming’s families, communities, businesses and values ​​throughout her career. From the halls of the Wyoming House of Representatives to the halls of the U.S. House of Representatives. Loomis was born on September 10, 1954, and graduated from the University of Wyoming with a bachelor’s degree in animal science and biology. She also earned her Juris Doctor degree from the University of Wyoming Law School. Her professional experience includes serving as General Counsel to former Wyoming Governor Jim Gehringer, in the Wyoming House of Representatives, as a Wyoming State Treasure, and in the U.S. House of Representatives for Wyoming’s at-large congressional district. In 1990, she also served as chair of Mary Mead’s gubernatorial campaign and Ray Honkins’ gubernatorial campaign, and in 2006, she also served on Bob Dole’s Wyoming Presidential Steering Committee. Through its beneficial position in the cryptocurrency space, it has developed fair reception and guidelines for computerized resources in the United States. It has voluntarily organized a great foundation for itself as an important financial backer of Bitcoin. It is known that it will continue to encourage the growing cryptocurrency industry in the United States and around the world in 2022. Its desire for transparency regarding the forms of cryptocurrency and stablecoins in US regulations will remain enormous. It has always been looking for a store of value, believes that Bitcoin specifically is a great store of value and knows that scarcity will protect its value in the future, unlike the US dollar which they print more of every day. Investor He is reportedly being appointed to lead a new subcommittee being created under the Senate Banking Committee, which is chaired by Tim Scott of South Carolina. Scott has previously stated that cryptocurrencies have the potential to democratize the financial world. Loomis, a vocal proponent of cryptocurrencies, previously suggested creating a US Bitcoin Reserve.

Tim Scott recently discussed creating a subcommittee within the Senate Banking Committee to focus on the cryptocurrency industry, with the goal of accelerating progress and bringing more attention to it.

It is worth noting that a similar subcommittee already exists in the House of Representatives, which is also undergoing changes in its leadership. Brian Steele of Wisconsin will chair the House Subcommittee on Digital Assets, FinTech, and Artificial Intelligence, oversight of cryptocurrencies, stablecoins, and central bank digital currencies.

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Trump’s strategy to push the pro-bitcoin vision

Brian Steele welcomed his new role, emphasizing the potential of digital assets and technology to reshape the economy. The selection of Lummis and Steele to lead cryptocurrency-focused subcommittees highlights Trump’s strategy of using Republican control to aggressively push his pro-bitcoin vision.

Last July, Loomis filed Bitcoin lawWith the aim of the government purchasing one million Bitcoin over five years, worth $95 billion. She stressed that this investment will not use taxpayer money, but rather existing funds from the Federal Reserve and the Treasury. This proposal goes beyond Trump’s plan, which proposes using 200,000 bitcoins seized from criminals, worth $19.2 billion, for a similar reserve.