Cynthia Lummisthe pro-bitcoin Wyoming senator, may soon lead a new U.S. Senate subcommittee focused on cryptocurrencies. Indeed, according to Fox Business, this subcommittee would be an emanation of the Senate Banking Committee. The latter recently welcomed Tim Scott as the new president. Scott, a senator from South Carolina, has already expressed his enthusiasm for the potential of cryptocurrency to “democratize the financial world”. Explanations.
- Wyoming Senator Cynthia Lummis has been tapped to lead a new US Senate subcommittee focused on cryptocurrencies.
- The creation of this subcommittee reflects a Republican desire to accelerate innovation in the financial sector and strengthen the United States’ position in the digital assets industry.
A subcommittee to accelerate innovation in the bitcoin and cryptocurrency sector
During a blockchain symposium in Wyoming last September, Tim Scott raised the idea of creating a subcommittee dedicated to the crypto industry within the Senate Banking Committee. He thus wanted to “bring more light to the conversation” and “organize more hearings on the industry” to accelerate progress in this area.
Such a subcommittee already exists in the House of Representatives, which is also experiencing leadership changes. THE Wisconsin Bryan Steil was named Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. This subcommittee has jurisdiction over cryptocurrencies, stablecoins and central bank digital currencies (CBDCs).
Pro-crypto leaders to capitalize on Republican control
The appointment of Cynthia Lummis and Bryan Steil to head these subcommittees shows that the Trump administration wants to take advantage of Republican control of government. For what ? To advance his pro-Bitcoin promises. Lummis, a fervent defender of Bitcoin, has already proposed laws to create a strategic Bitcoin reserve in the United States.
For example, last July she introduced the BITCOIN Act. This bill would require the government to purchase 1 million BTC over five years, for a total investment of $95 billion. She also clarified that this investment would not be financed by taxpayers, but by existing funds from the Federal Reserve and the Treasury.
-This proposal goes beyond the intentions of Donald Trump, who suggested converting around 200,000 BTC seized by the courts into a strategic reserve. These bitcoins currently have a market value of $19.2 billion.
With pro-crypto leaders in key positions, the Trump administration seems determined to make the United States a major player in the digital assets industry. To be continued.
An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.
