Wyoming Senator Cynthia Lummis announced yesterday that she will serve as the chair of the Senate Digital Assets Subcommittee, pushing for comprehensive digital asset legislation and a Bitcoin strategic reserve. She emphasized that the plan will strengthen the global position of the US dollar and enhance the competitiveness of the US in the digital finance sector.
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ToggleCynthia Lummis Selected as Chair of Senate Digital Assets Subcommittee
Last night, Republican Senator Cynthia Lummis' tweet saying "Something big is coming" once again caused a stir in the crypto market, as the word "Big" was written using the Bitcoin symbol "₿".
Initially, it was thought that a concrete policy on Bit reserves was about to be announced, but it was later revealed that Lummis will be appointed as the chair of the "Digital Assets Subcommittee" under the Senate Banking Committee.
As previously reported, Lummis was appointed as the chair of the Digital Assets Subcommittee by Senate Banking Committee Chairman Rick Scott after a committee vote yesterday. As an active proponent of digital assets in the US Congress, her appointment signifies that the committee will play a crucial role in cryptocurrency and Bit legislation.
Pushing for Comprehensive Digital Asset Legislation and Regulation in the US
In her statement, Lummis outlined two core objectives for the subcommittee:
Promote bipartisan digital asset legislation with the primary goals of "fostering innovation" and "protecting consumers".
Provide robust oversight of federal financial regulators to ensure they operate within the law and do not overstep their authority, preventing a recurrence of actions similar to "Chokepoint 2.0".
Specifically, she revealed that future digital asset-related legislation will mainly cover "digital asset market structure, stablecoin regulatory frameworks, and Bit strategic reserves".
Lummis emphasized that by establishing a Bit strategic reserve, the US can further strengthen the global position of the US dollar, and she plans to submit specific legislation by this year:
If the US wants to maintain a leading position in financial innovation, Congress must urgently pass a comprehensive bipartisan legal framework to strengthen the US dollar's position and address future challenges with a strategic Bit reserve.
Lummis: I Told You So, This is the Year of Bit and Digital Assets
With Lummis' appointment, the market is filled with anticipation for the possibility of the US establishing a Bit strategic reserve.
The betting market on Polymarket regarding "whether a US national Bit reserve bill will be enacted in 2025" has been heating up, with the proportion of bets on "Yes" option continuously soaring from January 12th to the current 62%, after briefly reaching 68%.
Crypto industry players have also expressed optimism, including Charles Hoskinson, the founder of Cardano, and the Winklevoss brothers, the founders of Gemini, who expressed optimism on social media X, saying "the future of crypto assets will be bright".
Former Binance CEO CZ even stated: "The US Bit strategic reserve is almost a done deal, and crypto is developing at the pace it should."
Currently, several states, including Oklahoma, Texas, and Pennsylvania, have begun pushing Bit legislation to include it in their retirement funds and state reserve assets.
Lummis' appointment brings new hope for the future of digital asset regulation, although the advancement of related policies still faces challenges such as political divisions, economic considerations, and market conditions. However, she confidently stated:
I told you this year is the year of Bit and digital assets.Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate dramatically, and you may lose all your principal. Please carefully evaluate the risks.
