Senator Cynthia Lummis has called for Congress to "urgently" pass bipartisan legislation to establish a legal framework for digital assets and bolster the U.S. dollar through a strategic bitcoin reserve. This statement was made in a press release on January 23, 2025.
According to the press release, Lummis, a Republican from Wyoming, made these remarks after being appointed by Senate Banking Committee Chair Tim Scott as the first chair of the Senate Banking Subcommittee on Digital Assets. Lummis emphasized that "digital assets are the future" and stressed the importance of Congress passing relevant legislation and strengthening the U.S. dollar with a strategic bitcoin reserve. She expressed her intention to advance legislation aimed at securing financial stability under President Trump.
The Senate Banking Subcommittee on Digital Assets during the 119th Congress will focus on promoting innovation and consumer protection through bipartisan digital asset legislation. The subcommittee's agenda includes addressing market structure, stablecoins, and establishing a strategic bitcoin reserve. It will also oversee federal financial regulators to ensure compliance with laws and prevent initiatives similar to Operation Chokepoint 2.0.
Simon Dixon, a crypto advocate and investor, highlighted that Senator Lummis plans to prioritize legislation for a strategic bitcoin reserve in her new role, noting her history of advocating for such measures.
In related developments at the World Economic Forum on January 23, 2025, President Trump said his initiative to unlock U.S. oil and gas resources would position the country as "the world capital of artificial intelligence and crypto." He also discussed his administration's efforts towards extensive deregulation.
Lummis was sworn into the U.S. Senate on January 3, 2021, becoming Wyoming's first female senator. She previously served in the U.S. House of Representatives from 2008 to 2016, where she was a founding member of the House Freedom Caucus and focused on fiscal issues and Western policies.
