tl;dr
Senator Cynthia Lummis, chair of the US Senate panel on crypto assets, has proposed significant government policy changes for the sector, including the establishment of a national Bitcoin sovereign wealth fund. Following the Republicans' control of Congress, the US Senate Banking Committee opened it...
Sen. Cynthia Lummis (R-WY) chairs US Senate panel on crypto assets, promises big changes in government policy for the sector
Senator Cynthia Lummis, chair of the US Senate panel on crypto assets, has proposed significant government policy changes for the sector, including the establishment of a national Bitcoin sovereign wealth fund. Following the Republicans' control of Congress, the US Senate Banking Committee opened its first subcommittee panel on cryptocurrencies. Lummis aims to pass legislation promoting responsible innovation and consumer protection, eradicate Operation Chokepoint 2.0, and position America as the capital of bitcoin and digital assets. This initiative has the backing of President Trump and a group of pro-crypto delegates in Congress.
The proposal has sparked bullish activity in the market, and several states are considering establishing their own state reserves. However, Bitcoin's price experienced unexpected fluctuations following the signing of related documents. Sen. Cynthia Lummis (R-WY) chairs the US Senate panel on crypto assets. She has promised some big changes in government policy for the sector. A Bitcoin sovereign wealth fund Republicans are calling a “strategic national reserve” is only one of Lummis’ promises for blockchain. But markets are thrilling with bullish activity on that prospect alone. Over the weekend, Bitcoin whales were insatiable in their accumulation. After Republicans retook control of Congress following November’s election, the US Senate Banking Committee opened its first subcommittee panel on cryptocurrencies Thursday.
Crypto moving at crypto speed again. The idea of a national Bitcoin reserve is so popular at the moment among US policymakers that several states are considering establishing state reserves. CONGRESS CONVENES FIRST SUBCOMMITTEE ON CRYPTO > The Senate Banking digital asset subcommittee will:
- Pass legislation promoting responsible innovation and consumer protection
- Eradicate Operation Chokepoint 2.0
- Make America the bitcoin and digital asset capital of the world
The new Senate subcommittee on digital assets has a host of issues to tackle with normalizing US government policy over blockchain. In an X post on Thursday afternoon, Sen. Lummis promised a three-point crypto agenda in 2025: * Pass legislation promoting responsible innovation and consumer protection
- Eradicate Operation Chokepoint 2.0
- Make America the bitcoin and digital asset capital of the world.
Popular crypto markets analyst Crypto Beast replied, “we’re going much higher.” The strategic Bitcoin reserve has backing from President Trump, according to recent reports and the fact that he signed the documents. In addition, it has a strong group of pro-crypto delegates to Congress in the new subcommittee.
That includes Sen. Ruben Gallego (D-AZ), who received strong backing from the pro-crypto Fairshake PAC. Plus, there’s Sen. Bernie Moreno (R-OH), a freshman senator who prevailed in the ballot count over the Banking Committee’s previous chair, Sen. Sherrod Brown (D-OH). Bitcoin’s price had a somewhat unexpected reaction to the aforementioned news. The asset started to lose value after the document’s signing and dropped to $102,400 before it recovered some ground to nearly $105,000 now.