Crypto supporter Cynthia Lummis will head the subcommittee on digital assets in the US Senate Banking Committee

Previously, the official suggested equating cryptocurrencies with traditional assets and creating a national bitcoin reserve

10.01.2025 - 11:35

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What’s new? Wyoming Republican Senator Cynthia Lummis will chair a newly created subcommittee on digital assets in the US Senate Banking Committee. Lummis is a longtime supporter of cryptocurrencies, back in 2021 she reported on bitcoin investments and said the asset would save many countries from poverty. In 2022, she introduced a bill that would equate cryptocurrencies with traditional assets and split market oversight powers between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Material by The Block

What else is known? In 2023, Lummis stood up for Coinbase, urging the court to dismiss the SEC’s lawsuit against the exchange for unregistered securities offerings. At that time, she also spoke out against the SEC rule that requires custodians to count customers’ crypto assets in their accounts as liabilities.

In 2024, she spoke out against a 30% tax on mining and stood up for the Samourai Wallet crypto mixer team, criticizing the criminalization of non-custodian cryptocurrency software developers.

Also in 2024, Lummis introduced a bill called Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide (BITCOIN).

The document proposes to reduce the national debt by creating a strategic bitcoin reserve. Specifically, the official proposes to use budget funds to buy 1 million bitcoins over five years.

As for the subcommittee on digital assets, its composition under the leadership of Lummis will include other supporters of cryptocurrencies from the Republican Party: Bill Hagerty from Tennessee and Bernie Moreno from Ohio.

The Senate Banking Committee itself is also important to the crypto industry. Its chairman is responsible for passing legislation, including cryptocurrency bills. The committee is now chaired by Republican Tim Scott, who is also favorably disposed toward the digital asset industry.

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