As per a recent Fox Business report, the Senate Banking Committee is getting ready to announce the creation of its first-ever subcommittee dedicated to digital assets.
The move comes shortly after Republicans took control of the Senate and ahead of President-elect Donald Trump’s inauguration on January 20. This solidifies the GOP’s full control of the government, having already kept the House. It’s seen as a sign that Senate Republicans will focus on crypto legislation and support Trump’s goal of making America the global crypto hub.
Senator Lummis To Lead
Notably, Wyoming Senator Cynthia Lummis is reportedly being tapped to lead the new subcommittee which is being created under the Senate Banking Committee, chaired by South Carolina’s Tim Scott. Scott has previously stated that crypto has the potential to democratize the financial world. Lummis, a strong crypto advocate, has previously proposed the creation of a U.S. Bitcoin reserve.
Tim Scott recently discussed creating a subcommittee within the Senate Banking Committee to focus on the crypto industry, aiming to speed up progress and bring more attention to it.
Notably, a similar subcommittee already exists in the House of Representatives, which is also undergoing leadership changes. Wisconsin’s Bryan Steil will chair the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, overseeing crypto, stablecoins, and CBDCs.
Trump’s Strategy To Push Pro-Bitcoin Vision
Bryan Steil welcomed his new role, emphasizing the potential of digital assets and technology in reshaping the economy. The selection of Lummis and Steil to lead crypto-focused subcommittees highlights Trump’s strategy to use Republican control to strongly push forward his pro-Bitcoin vision.
Last July, Lummis introduced the BITCOIN Act, aiming for the government to purchase 1 million BTC over five years, valued at $95 billion. She emphasized that this investment wouldn’t use taxpayer money, but rather existing funds from the Federal Reserve and Treasury. This proposal exceeds Trump’s plan, which suggests using 200,000 BTC seized from criminals, worth $19.2 billion, for a similar reserve.
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