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US Senate creates subcommittee on cryptocurrencies, led by Cynthia Lummis
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Senator Cynthia Lummis of Wyoming has been appointed to lead a new Senate subcommittee focused on cryptocurrencies. The subcommittee will be linked to the Senate Banking Committeenow chaired by Tim Scott of South Carolina. Scott, like Lummis, is known for his positive outlook on the potential of cryptocurrencies to democratize the financial sector.
The announcement, released this Friday (10) by Fox, comes at a time of intensified regulatory focus in the US regarding cryptocurrencies. Scott, who previously suggested the creation of an industry-focused subcommittee, stated during the Wyoming Blockchain Symposium in September:
It is worth mentioning that a similar subcommittee already exists in the United States in the House of Representatives. This is the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence of the Chamber, with jurisdiction over cryptocurrencies, stablecoins and CBDCs. This department is also undergoing a leadership change. From now on, Bryan Steil, from Wisconsin, will preside over the sector.
Steil succeeds Congressman French Hill of Arkansas, who now leads the House Financial Services Committee. Hill had played an important role in promoting debate about stablecoins and cryptocurrency regulation during his management.
Senate Subcommittee on Cryptocurrency
Steil is known for its pro-crypto stancereceiving an “A” grade from the group Stand With Cryptowhich assesses legislators’ support for the sector. He has already warned that the lack of clear regulation could lead the cryptocurrency market to migrate to other countries, harming US competitiveness.
Lummis, a longtime Bitcoin supporter, plans to use her position to drive discussions about the creation of a strategic Bitcoin reserve in the USA. In July, she presented the BITCOIN Actwhich proposes the acquisition of 1 million BTC by the government over five years.
The estimated cost of US$95 billion it would be covered by existing funds at the Federal Reserve and the Treasury. This way there would be no direct impact on taxpayers.
However, Donald Trump, president-elect and declared Bitcoin enthusiast, suggested a different approach for the creation of the reserve. He proposed the conversion of around 200,000 BTC confiscated from criminal activities for this purpose.
The appointments of Lummis and Steil indicate a Republican strategy to strengthen regulation and adoption of cryptocurrencies in the US, capitalizing on the party’s total control of the government.
US Senate creates subcommittee on cryptocurrencies, led by Cynthia Lummis
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US Senate creates subcommittee on cryptocurrencies, led by Cynthia Lummis
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US Senate creates subcommittee on cryptocurrencies, led by Cynthia Lummis
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US Senate creates subcommittee on cryptocurrencies, led by Cynthia Lummis
